Iran's crude oil price in verge of $55

Business Materials 25 July 2015 19:01 (UTC +04:00)

Baku, Azerbaijan, July 25

By Umid Niayesh - Trend:

Iran's crude oil price crashed down on the global markets in the week to July 17 and stood on the verge of $55 per barrel.

Each barrel of Iran's Light oil was sold for $56.2 in the mentioned week, $0.41 less compared to the preceding week.

The price of Heavy oil also decreased by $0.52 per barrel and stood at $54.89 in the same period, the country's Oil Ministry's official SHANA news agency reported July 25.

The average price of Iran's Light oil in the current year was $55.67, meanwhile the average Heavy oil price accounted for $53.6.

Iran's crude price experienced a sharp fall of $3/barrel in the preceding week.

The price of OPEC basket of twelve crudes stood at $54.59 during a week till July 17, $.48 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 $ $53.04 a barrel on July 23 compared with $53.45 the previous day, according to the OPEC Secretariat calculations.

The average Basket price in the current year was about $55.14 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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