Iran’s crude oil price on verge of $49/b

Business Materials 8 April 2017 12:22 (UTC +04:00)

Baku, Azerbaijan, Apr. 8

By Fatih Karimov – Trend:

Iran’s crude oil price witnessed a slight increase in the global markets during the week that ended March 31, the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office said in its latest weekly report.

Each barrel of Iran’s Heavy oil was sold at $49.17 during the week till March 31, or $0.54 more compared to the previous week.

The price of Iranian Light oil stood at $48.78, indicating a rise by $1.21 compared to the preceding week.

The average price of Iran’s Light oil in 2017 was $51.19, while the average price of Heavy oil was $51.71.

The price of OPEC basket of 14 crude brands stood at $49.45 during the week till March 31, indicating an increase by $0.79 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 $51.82 per barrel on April 6 as compared to $51.95 the previous day, according to OPEC calculations.