Iran’s crude oil price continues to fall
Baku, Azerbaijan, Aug. 29
By Umid Niayesh - Trend:
Iran's crude oil price continued to fall for fourth straight week and experienced a decrease of some $2 per barrel on the global markets in the week to August 21.
Each barrel of Iran's Light oil was sold for $46.68 in the mentioned week, $2.43 less compared to the preceding week.
The price of Heavy oil also decreased by $2.64 per barrel and stood at $45.41 in the same period, the country's Oil Ministry's official SHANA news agency reported Aug. 29.
Iran's oil price has experienced $8/barrel fall in recent month.
The average price of Iran's Light oil in the current year was $54.92, meanwhile the average Heavy oil price accounted for $52.98.
The price of OPEC basket of twelve crudes stood at $44.85 during the week till Aug. 21, $2.35 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 $42.37 a barrel on Aug. 27 compared with $40.51 the previous day, according to the OPEC Secretariat calculations.
The average Basket price in the current year was about $53.9 per barrel.
The ORB has experienced a maximum price of $64.96 and a minimum price of $40.47 per barrel in the current year.
Global oil market experienced a historic price fall on Aug. 28 as US oil prices fell below $40 a barrel for the first time since the 2009 financial crisis.
OPEC's latest monthly report, published Aug. 11 said that the Organization of the Petroleum Exporting Countries boosted the crude output by about 100,700 bpd in July to 31.513 million barrels per day (mb/d). The 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.
Follow the author on Twitter: @UmidNiayesh