Iran’s crude oil price decreases by over $1/b

Business Materials 25 September 2016 16:47 (UTC +04:00)

Baku, Azerbaijan, Sept. 25

By Fatih Karimov – Trend:

Iran’s crude oil price witnessed a decrease by about $1.5 per barrel in the global markets during the week that ended Sept. 16, the oil ministry’s SHANA news agency reported Sept. 25.

Each barrel of Iran’s Light oil was sold at $42.15 during the week to Sept. 16, or $1.5 less compared to the previous week, registering the highest decrease among benchmarks.

The price of Iranian Heavy oil stood at $40.38 indicating a decrease by $1.48 in comparison with the preceding week.

The average price of Iran’s Heavy oil this year was $36.42, which is over $13 less compared to 2015.

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 $42.68 during the week, indicating a fall by $1.05 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 $ $43.27 a barrel on Sept. 22 as compared to 42.54 the previous day, according to OPEC calculations.