Baku, Azerbaijan, Jan. 23
By Fatih Karimov - Trend:
The downward trend of Iran's crude oil price continued on the global markets in the week to Jan. 15, Iranian Oil Ministry's official SHANA news agency reported Jan. 23.
Each barrel of Iran's Light oil was sold for $25.79 in the mentioned week, $3.56 less compared to the preceding week.
The price of Iranian Heavy oil also decreased by $3.41 per barrel and stood at $22.41 in the same period.
Iran last saw record low prices in 1998 when its oil was traded in markets at below $10 per barrel.
The price of OPEC basket of thirteen crudes stood at $25.65 during the week to Jan. 15, $4.16 less compared to the preceding week.
The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), 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 $22.89 a barrel on Jan. 21, meanwhile it was traded for $22.48 the previous day, according to the OPEC Secretariat calculations.
Iran has said it will retaliate against the Saudi-triggered downfall of oil prices by not reducing its output. Rather, Oil Minister Bijan Namdar Zanganeh has said the country will boost production by about 500,000 barrels a day once Iran is free of sanctions.
Iran says its share of the OPEC basket has been taken by Saudi Arabia and some other members, while its production had shrunken under sanctions.