Baku, Azerbaijan, May 17
By Umid Niayesh - Trend:
The increase trend of Iran's crude oil price continued in the global markets in the week to May 8. The price has surpassed $64 per barrel for the first time in 2015.
Each barrel of Iran's Light oil sold for $64.24 in the week to May 8, $2.6 more compared to the preceding week.
The price of Heavy oil also increased by $2.86 per barrel and stood at $62.65 in the same period, the country's Oil Ministry's official SHANA news agency reported May 17.
The average price of Iran's Heavy crude price stood at $50.61 during the current year, meanwhile the Light crude's average price stood at $52.87.
The price of OPEC basket of twelve crudes stood at $63.57 in the week to May 8, $2.2 more compared to preceding week.
OPEC's oil basket (ORB) is currently made up of the Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
The basket price stood at $63.13 a barrel on May 14, compared to $63.77 the previous day, according to OPEC Secretariat calculations.
The average Basket price in current year was about $53.21 per barrel.
The ORB has experienced maximum price of $64.96 and minimum price of $41.5 per barrel in current year.
OPEC's monthly report, published May 12 said the Organization of the Petroleum Exporting Countries boosted the crude output by about 18,000 barrels per day in April to 30.84 million barrels per day (mb/d).
The last month's level is over the ceiling level, which had been set at 30 mb/d.
Crude oil output increased mostly from Iraq and Iran, according to OPEC report.
The next OPEC meeting that will focus on the issue of changing the quotas will be held June 4.
OPEC said that the demand for OPEC crude is estimated at 29 mb/d in 2014 and in 2015, required OPEC crude is projected at 29.3 mb/d.
Follow the author on Twitter: @UmidNiayesh