Baku, Azerbaijan, Feb. 11
By Gazenfer Hamidov – Trend:
Iran’s Light oil price witnessed significant fall for third straight week, after experiencing several weeks of increase in the global markets during the week from Jan. 26 to Feb. 2, according to the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office.
Each barrel of Iran’s Light oil registered a fall by $2.28 compared to the previous week and was sold at averagely $66.32.
Meanwhile the price of Iran’s Heavy oil stood at $66.10, indicating a fall by $0.59 during the week, compared to the previous week.
The average price of Iran’s Light oil has been $68.13 in 2018, while the average price of Heavy oil has been $65.86.
The price of OPEC basket of 14 crude brands stood at $66.87 during the week to Feb. 2, indicating a fall by $0.77.
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 $62.69 per barrel on Feb. 8 as compared to $64.30 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.