Baku, Azerbaijan, Jan. 20
By Fatih Karimov – Trend:
Iran’s Light oil price witnessed a significant rise for second straight week and closed to $70 per barrel in the global markets during the week to Jan. 12, according to the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office.
Each barrel of Iran’s Light oil registered an increase by $1.69 compared to the previous week and was sold at averagely $69.26.
The price of Iran’s Heavy oil stood at $65.62, indicating a rise by $1.24 during the week, compared to the previous week.
The average price of Iran’s Light oil has been $68.51 in 2018, while the average price of Heavy oil has been $65.07.
The price of OPEC basket of 14 crude brands stood at $66.81 during the week to Jan. 12, indicating a rise by $1.32.
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 $67.20 per barrel on Jan. 18 as compared to $67.07 the previous day, according to OPEC.
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 the oil price revival in global markets in 2017.
The OPEC and non-OPEC countries’ decision to extend the agreement until 2018 led to the recent strengthening of the oil price.