Baku, Azerbaijan, Dec. 12
By Fatih Karimov – Trend:
The price of Iran’s crude oil registered growth, in the global markets has increased by $12 per barrel during the current year.
The decision by OPEC members in November 2016 to decrease the output by 1.2 million barrels per day to a level of 32.5 mbpd contributed to oil price revive in global markets in 2017.
The OPEC and non-OPEC countries also recently decided to extend the last year agreement till 2018 to keep the oil output down, which led to strengthening the oil price in recent weeks.
According to the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office, each barrel of Iran’s Light oil was sold at averagely $62.74 during the week from Nov. 24 to Dec. 1, or $0.66 more compared to the previous week.
The price of Iran’s Heavy oil stood at $59.77, indicating a rise by $0.33 during the week, compared to the previous week.
This year the average price of Iran’s Light oil was $51.51, while the average price of Heavy oil was $50.97.
The price of OPEC basket of 14 crude brands stood at $61.35 during the week till Dec. 1, indicating a rise by $0.41.
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 $61.03 per barrel on Dec. 8 as compared to $60.12 the previous day, according to OPEC.