Iran’s oil price increases by $1/b
Baku, Azerbaijan, Oct. 28
By Fatih Karimov– Trend:
Iran’s oil price witnessed a rise by over $1 per barrel in the global markets during the week that ended Oct. 20, 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 $54.55 during the week from Oct. 13 to Oct. 20, or $1.25 more compared to the previous week.
The price of Iran’s Light oil stood at $56.13, indicating a rise by $1.32 compared to the preceding week.
This year the average price of Iran’s Light oil has been $50.08, while the average price of Heavy oil has been $49.90.
The price of OPEC basket of 14 crude brands stood at $55.65 during the week to Oct. 20, indicating a rise by $1.24.
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 $56.45 per barrel on Oct. 26 as compared to $56.33 the previous day, according to OPEC.