Iran's crude oil price decreases

Business Materials 29 March 2015 14:25 (UTC +04:00)

Baku, Azerbaijan, March 29

By Umid Niayesh - Trend:

Iran's crude oil price has decreased by over $3 per each barrel in global markets in the week to March 23.

Each barrel of Iran's Heavy oil sold for $47.49 in the mentioned week, $3.32 less compared to the preceding week.

The price of Light oil also decreased by $3.13 per each barrel and stood at $49.99 in the same period, the country's oil ministry's official SHANA news agency reported March 29.

The average price of Iran's Heavy crude price stood at $48.11 during the current year, meanwhile the Light crude's average price stood at $50.45.

The price of OPEC basket of twelve crude oils stood at $49.67 in the same period. The average Basket price in current year was about $50.11 per barrel.

The basket price stood at $54.55 a barrel on March 26, compared with $50.83 the previous day, according to OPEC Secretariat calculations

OPEC's oil basket price was $107.89 in mid-June 2014, but has been in dramatic decline, especially since October 2014.

According to OPEC's monthly report, published March 16, the twelve members of this cartel produced 30.022 million barrels (mb/d) of crude oil per day in February, which is 137,600 barrels less than in January.

The last month's level is approximately equal to the ceiling level, which had been set at 30 mb/d.

OPEC said that the demand for OPEC crude is estimated at 29.1 mb/d in 2014 and in 2015, required OPEC crude is projected at 29.2 mb/d.

Follow the author on Twitter: @UmidNiayesh