Iran oil’s price registers slight increase in global markets

Business Materials 21 August 2017 15:57 (UTC +04:00)

Baku, Azerbaijan, Aug. 21

By Umid Niayesh– Trend:

Iran’s crude oil price in the global markets has registered a slight increase of about $0.5 per barrel, during the week ending on Aug. 11, 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 $49.35 during the week of Aug. 11, or $0.42 more, compared to the previous week.

The price of the Iranian Light oil stood at $51.39, registering no change in comparison to the preceding week.

The average price of Iran’s Light oil in 2017 was $48.94, while the average price of the Heavy oil was $49.35.

The price of the OPEC basket of 14 crude brands stood at $50.22, during the week of Aug. 11, indicating a rise by $0.31 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 $48.86 per barrel on Aug. 18, as compared to $48.07 on the previous day, according to the OPEC calculations.