Baku, Azerbaijan, Feb. 20
By Fatih Karimov- Trend:
Iran's crude oil experienced significant fall for the second straight week and experienced a decrease by about $3.5 per barrel on the global markets in the week as of Feb. 12.
Each barrel of Iran's Light oil was sold for $26.26 in the mentioned week, $3.49 less compared to the preceding week, the official IRNA news agency reported Feb. 20.
The price of Iranian Heavy oil also decreased by $3.56 per barrel and stood at $23.63 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 $27.04 during the week to Feb. 12, $2.16 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 $ $29.96 a barrel on Feb. 18, compared to $28.18 the previous day, according to the OPEC Secretariat calculations.