Iran’s crude oil on verge of $30/b

Business Materials 13 February 2016 17:30 (UTC +04:00)

Baku, Azerbaijan, Feb. 13

By Fatih Karimov- Trend:

Iran's crude oil continued increasing for the second straight week and experienced a rise by some $4 per barrel on the global markets in the week as of Feb. 5.

Each barrel of Iran's Light oil was sold for $29.75 in the mentioned week, $3.83 more compared to the preceding week, the oil ministry's official Shana news agency reported Feb. 13.

The price of Iranian Heavy oil also increased by $4.36 per barrel and stood at $27.19 in the same period.

The average price of Iran's Light oil in the current year was $26.89, meanwhile the average Heavy oil price accounted for $23.97.

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 $29.2 during the week to Feb. 5, $2.3 more 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 $ $25.21 a barrel on Feb. 11, compared to $25.93 the previous day, according to the OPEC Secretariat calculations.