Iran’s crude oil price stands on verge of $35 per barrel
Baku, Azerbaijan, Apr. 9
By Fatih Karimov - Trend:
Iran's crude oil price decreased by about $0.85 per barrel on the global markets in the week to April 1, the oil ministry's official SHANA news agency reported April 9.
Each barrel of Iran's Light oil was sold for $35.49 in the week to April 1, $0.86 less compared to the previous week.
The price of Iranian Heavy oil also stood at $33.34, $0.84 less in comparison to the preceding week.
The average price of Iran's Light oil in the current year was $30.44, meanwhile the average Heavy oil price accounted for $27.87.
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 $34.74 during the week to April 1, indicating a fall by $1.07.
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 $34.71 a barrel on April 7, compared to $33.93 the previous day, according to OPEC calculations.