Iran’s crude oil price falls by $3

Business Materials 21 July 2015 14:54 (UTC +04:00)

Baku, Azerbaijan, July 21

By Umid Niayesh - Trend:

Iran's crude oil price experienced a fall by some $3 on the global markets in the week to July 10.

Each barrel of Iran's Light oil was sold for $56.61 in the mentioned week, $3.61 less compared to the preceding week.

The price of Heavy oil also decreased by $3.23 per barrel and stood at $55.41 in the same period, the country's Oil Ministry's official SHANA news agency reported July 21.

The average price of Iran's Light oil in the current year was $55.66, meanwhile the average Heavy oil price accounted for $53.57.

The price of OPEC basket of twelve crudes stood at $55.07 during a week till July 10, $3.83 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 $ 53.7 a barrel on July 20 compared to $ $53.99 on July 17, according to the OPEC Secretariat calculations.

The average Basket price in the current year was about $55.18 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 latest monthly report, published July 13 said that the Organization of the Petroleum Exporting Countries boosted the crude output by about 283,200 bpd in June to 31.378 million barrels per day (mb/d).

The June 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 29.2 mb/d in 2015 and in 2016, required OPEC crude is projected at 30.1 mb/d.

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