Baku, Azerbaijan, Aug. 26
By Fatih Karimov– Trend:
Iran’s crude oil price witnessed a fall by over $1.5 per barrel in the global markets during the week that ended Aug 18, 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 $47.88 during the week till Aug. 18, or $1.47 less compared to the previous week.
The price of Iranian Light oil stood at $49.76, indicating a fall by $1.63 compared to the preceding week.
The average price of Iran’s Light oil in 2017 was $48.97, while the average price of Heavy oil was $49.31.
The price of OPEC basket of 14 crude brands stood at $48.71 during the week till Aug. 18, indicating a fall by $1.51 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 $49.76 per barrel on Aug. 24 as compared to $49.49 the previous day, according to OPEC calculations.