Iran’s Heavy oil more expensive than its Light for 2nd week
Baku, Azerbaijan, Feb. 25
By Fatih Karimov – Trend:
Iran’s Heavy crude oil was sold at higher price than its Light crude in the global markets in the week to Feb. 17, for the second straight week due to the high demand.
Each barrel of Iran’s Light oil was sold at $51. 9 during the week till Feb. 17, indicating a $0.46 increase compared to the previous week, the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office said in its latest weekly report.
Meanwhile the price of Iranian Heavy oil stood at $53.05, registering a rise by $0.29 compared to the preceding week.
The average price of Iran’s Light oil in 2017 was $52.24, while the average price of Heavy oil was $52.31.
The price of OPEC basket of 14 crude brands stood at $53.23 during the week till Feb. 17, indicating a rise by $0.30 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 $53.95 per barrel on Feb. 23 as compared to $53.48 the previous day, according to OPEC calculations.