Iran’s crude oil price continues to fall

Business Materials 31 July 2016 17:13 (UTC +04:00)

Baku, Azerbaijan, July 31

By Fatih Karimov – Trend:

Iran’s crude oil price witnessed fall for fourth straight week in the global markets during the week that ended July 22, SHANA news agency reported July 31.

Each barrel of Iran’s Light oil was sold at $42.93 during the week to July 22, or $0.26 less compared to the previous week.

The price of Iranian Heavy oil stood at $41.08 indicating a fall by $0.15 in comparison with the preceding week.

The average price of Iran’s Light oil this year was $37.44, while the average price of Heavy oil was $35.12.

Iran last saw record low oil prices in 1998 when its oil was traded in the markets below $10 per barrel.

The price of OPEC basket of 13 crude brands stood at $42.68 during the week, indicating a fall by $0.27 on a weekly basis.

The new OPEC Reference Basket of crude brands (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’s price stood at $39.79 a barrel on July 28 as compared to $40.49 the previous day, according to OPEC calculations.