Iran’s Light oil on verge of $53/b

Business Materials 16 September 2017 17:57 (UTC +04:00)

Baku, Azerbaijan, Sept. 16

By Fatih Karimov– Trend:

Iran’s crude oil price witnessed an increase by about $2 per barrel in the global markets during the week that ended Sept. 8, 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 $50.69 during the week from Sept. 1 to Sept. 8, or $2.18 more compared to the previous week.

The price of Iran’s Light oil stood at $52.41, indicating a rise by $1.48 compared to the preceding week.

This year the average price of Iran’s crude oil has been $49.17.

The price of OPEC basket of 14 crude brands stood at $51.68 during the week from Sept. 1 to Sept. 8, indicating a rise by $2.12.

The OPEC Reference Basket (ORB) includes 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 $53.63 per barrel on Sept. 14 as compared to $52.92 the previous day, according to OPEC.