Iran’s crude oil price continues to rise

Business Materials 21 June 2015 15:32 (UTC +04:00)

Baku, Azerbaijan, June 21

By Umid Niayesh - Trend:

Iran's crude oil price increased slightly on the global markets in the week to June 12.

Each barrel of Iran's Light oil sold for $61.85 in the mentioned week, $0.63 more compared to the preceding week.

The price of Heavy oil also increased by $0.54 per barrel and stood at $59.96 in the same period, the country's Oil Ministry's official SHANA news agency reported June 21.

The price of OPEC basket of twelve crudes stood at $61.08 in the week to June 12, $0.6 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 $60.55 a barrel on June 18, compared to $60.27 the previous day, according to OPEC Secretariat calculations.

The average Basket price in current year was about $54.83 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 June 10 said the Organization of the Petroleum Exporting Countries boosted the crude output by about 23,800 bpd in May to 30.975 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 mb/d in 2014 and in 2015, required OPEC crude is projected at 29.3 mb/d.

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