Iran’s crude oil price hits $45/b
Baku, Azerbaijan, June 5
By Fatih Karimov - Trend:
Iran's crude oil price witnessed a slight rise by about $0.07 per barrel on the global markets during the week to May 27, the oil ministry's official SHANA news agency reported June 5.
Each barrel of Iran's Light oil was sold at $44.6 during the week to May 27 or $0.09 more compared to the previous week.
The price of Iranian Heavy oil also stood at $42.39 or $0.06 more compared to the preceding week.
The average price of Iran's Light oil in the current year was $34.5, meanwhile the average Heavy oil price accounted for $32.05.
Iran last saw record low prices in 1998 when its oil was traded on the markets below $10 per barrel.
The price of OPEC basket of thirteen crudes stood at $44.65 during the week to May 27, indicating a rise by $0.11.
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 $45.58 a barrel on June 2, compared to $45.19 the previous day, according to OPEC calculations.