Iran’s Heavy oil price stands on verge of $39/b

Business Materials 14 May 2016 16:14 (UTC +04:00)

Baku, Azerbaijan, May 14

By Fatih Karimov - Trend:

The price of Iran's Heavy oil increased by about $0.17 per barrel on the global markets in the week to May 6.

Each barrel of Iran's Heavy oil was traded for $39.08 in the period, the oil ministry's official SHANA news agency reported May 14.

Every barrel of Iran's Light oil also was sold for $41.22 in the week to May 6, $0.6 less compared to the previous week.

The average price of Iran's Light oil in the current year was $32.82, meanwhile the average Heavy oil price accounted for $30.32.

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 $41.13 during the week to May 6, indicating a fall by $0.05.

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 $43.31 a barrel on May 12, compared to $41.4 the previous day, according to OPEC calculations.