Iran’s crude oil price witnesses slight fall

Baku, Azerbaijan, Oct. 11

By Umid Niayesh - Trend:

Iran's crude oil price has decreased by about $0.16 per barrel in the week to Oct. 2, Iranian Oil Ministry's official SHANA news agency reported.

Each barrel of Iran's Light oil was sold for $44.77 in the week to Oct. 2, $0.16 less compared to the preceding week.

The price of Heavy oil also decreased by $0.16 per barrel and stood at $42.84 in the same period.

The average price of Iran's Light oil in the current year was $53.45, meanwhile the average Heavy oil price accounted for $51.53.

The price of OPEC basket of twelve crudes stood at $43.86 during the mentioned week, $0.26 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 $48.24 a barrel on Oct. 8 compared with $48.24 the previous day, according to the OPEC Secretariat calculations.

The average Basket price in the current year was about $52.58 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.

OPEC's latest monthly report, published Sept. 14 said that the Organization of the Petroleum Exporting Countries boosted the crude output by about 13,200 bpd in August to 31.544 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 29.3 mb/d in 2015 and in 2016, required OPEC crude is projected at 30.3 mb/d.

Follow the author on Twitter: @UmidNiayesh

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