Iran’s crude oil price falls
Baku, Azerbaijan, July 12
By Umid Niayesh - Trend:
Iran's crude oil price experienced fall on the global markets for third straight week, after several weeks of increase.
Each barrel of Iran's Light oil was sold for $60.22 in the week to July 3, $0.6 less compared to the preceding week.
The price of Heavy oil also decreased by $0.3 per barrel and stood at $58.64 in the same period, the country's Oil Ministry's official SHANA news agency reported July 12.
The average price of Iran's Light oil in the current year was $55.62, meanwhile the average Heavy oil price accounted for $53.49.
The price of OPEC basket of twelve crudes stood at $58.71 during a week till July 3, $1.03 less compared to the 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 $ 55.54 a barrel on July 9 compared to $53.78 the previous day, according to the OPEC Secretariat calculations.
The average Basket price in the current year was about $55.21 per barrel.
The ORB has experienced a maximum price of $64.96 and a minimum price of $41.5 per barrel in the current year.
OPEC's monthly report, published June 10 said that 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 May output was 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.
Follow the author on Twitter: @UmidNiayesh