Iran’s crude oil price increases

Business Materials 20 August 2016 16:34 (UTC +04:00)
Baku, Azerbaijan, Aug. 20

By Fatih Karimov – Trend:

Iran’s crude oil price witnessed an increase by $2 per barrel in the global markets during the week that ended Aug. 12 following falls for six straight weeks, SHANA news agency reported Aug. 20.

Each barrel of Iran’s Light oil was sold at $41.52 during the week to Aug. 12, or $2.11 more compared to the previous week.

The price of Iranian Heavy oil stood at $39.92 indicating an increase by $1.98 in comparison with the preceding week.

The average price of Iran’s Light oil this year was $37.71, while the average price of Heavy oil was $35.45.

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 14 crude brands stood at $41.19 during the week, indicating a rise by $2.09 on a weekly basis.

The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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 $ 46.5 a barrel on Aug. 18 as compared to $45.34 the previous day, according to OPEC calculations.