Baku, Azerbaijan, March 5
By Fatih Karimov – Trend:
Iran’s Light oil registered the highest price increase among benchmarks in the global markets during the week that ended Feb. 24, 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 $53.14 during the week till Feb. 24, indicating a $1.24 increase compared to the previous week.
Meanwhile each barrel of Iran’s Heavy oil was sold at $53.47 during the week to Feb. 24, or some $0.42 more on a weekly basis.
The average price of Iran’s Light oil in 2017 was $52.35, while the average price of Heavy oil was $52.46.
The price of OPEC basket of 14 crude brands stood at $53.68 during the week till Feb. 24, indicating a rise by $0.45 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 $53.69 per barrel on March. 2 as compared to $54.11 the previous day, according to OPEC calculations.