Iran’s crude oil price increases by $4/b

Business Materials 18 December 2016 12:57 (UTC +04:00)

Baku, Azerbaijan, Dec. 18

By Fatih Karimov – Trend:

Iran’s crude oil price witnessed over $4 per barrel increase in the global markets during the week that ended Dec. 9, the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office said in its latest weekly report.

Each barrel of Iran’s Light oil was sold at $50.82 during the week till Dec. 9, or $4.22 more compared to the previous week.

The price of Iranian Heavy oil stood at $49.68, indicating a rise by $4.31 compared to the preceding week.

The average price of Iran’s Light oil this year was $40.35, while the average price of Heavy oil was $38.4.

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 $50.69 during the week till Dec. 9, indicating an increase by $4.25 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 $50.96 per barrel on Dec. 15 as compared to $51.83 the previous day, according to OPEC calculations.