Iran's crude oil price in verge of $60

Baku, Azerbaijan, May 3

By Umid Niayesh - Trend:

Iran's crude oil price has increased by over $4 per each barrel in global markets in the week to April 24.

Each barrel of Iran's Light oil sold for $59.69 in the mentioned week, $4.18 more compared to the preceding week.

The price of Heavy oil also increased by $4.06 per each barrel and stood at $57.29 in the same period, the country's oil ministry's official SHANA news agency reported May 3.

The average price of Iran's Heavy crude price stood at $49.7 during the current year, meanwhile the Light crude's average price stood at $51.5.

The price of OPEC basket of twelve crude oils stood at $59.3 in the week to April 24, $3.7 more compared to preceding week.

The basket price stood at $60.92 a barrel on April 29, compared with $60.41 the previous day, according to OPEC Secretariat calculations.

The average Basket price in current year was about $51.91 per barrel.

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

The OPEC oil price in March was $52.46/b on average.

OPEC's monthly report, published April 16 says the Organization of the Petroleum Exporting Countries boosted the crude output by about 812,000 barrels per day in March to 30.786 million barrels per day (mb/d).

The last month's level is over 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

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