Iran’s oil registers highest price rise among benchmarks
Baku, Azerbaijan, Nov. 12
By Fatih Karimov– Trend:
Iran’s Light oil registered the highest price increase among benchmarks in the global markets during the week that ended Nov. 3, 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 averagely $57.47 during the week till Nov. 3, or $2.52 more compared to the previous week.
The price of Iran’s Light oil stood at $60.04, indicating a rise by $2.59 compared to the previous week.
This year the average price of Iran’s Light oil was $50.49, while the average price of Heavy oil was $50.19.
The price of OPEC basket of 14 crude brands stood at $58.73 during the week till Nov. 3, indicating a rise by $2.39.
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 $61.72 per barrel on Nov. 9 as compared to $61.61 the previous day, according to OPEC.