Iran’s crude oil on verge of $32/b
Baku, Azerbaijan, March 14
By Fatih Karimov - Trend:
Iran's crude oil price increased by $2 per barrel on the global markets in the week to March 4, meanwhile in the preceding week itl experienced a slight fall.
Each barrel of Iran's Light oil was sold for $31.77 in the week to March 4, $2.21 more compared to the previous week, the oil ministry's official SHANA news agency reported March 14.
The price of Iranian Heavy oil also stood at $29.47, $2.52 more compared to the week to Feb. 26.
The average price of Iran's Light oil in the current year was $28, meanwhile the average Heavy oil price accounted for $25.25.
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 $31.46 during the week to March 4, $2.31 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 $35.62 a barrel on March 11, compared to $35.23 the previous day, according to the OPEC Secretariat calculations.