Iran crude oil price continues to fall
Baku, Azerbaijan, Nov. 5
By Fatih Karimov – Trend
Iran’s crude oil price witnessed fall for second straight week in the global markets during the week that ended Oct. 28.
Each barrel of Iran’s Light oil was sold at $47.41 during the week to Oct. 28, or $1.03 less compared to the previous week, the oil ministry’s SHANA news agency reported Nov. 5.
The price of Iranian Heavy oil stood at $46.27, indicating a fall by $0.96 compared to the preceding week.
The average price of Iran’s Light oil this year was $39.72, while the average price of Heavy oil was $37.66, which is about $13 less compared to 2015.
Iran last saw a 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 $47.44 during the week to Oct. 28, indicating a fall by $0.98 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 $42.65 a barrel on Nov. 3 as compared to 43.12 the previous day, according to OPEC calculations.