Iran’s oil price registers significant decrease

Business Materials 17 February 2018 16:59 (UTC +04:00)

Baku, Azerbaijan, Feb. 17‎

By Gazenfer Hamidov – Trend:

The decreasing trend of oil price which started later in January continued in February as Iran’s oil price witnessed over $3 per barrel decrease during the week to Feb. 9 in the global markets.

Each barrel of Iran’s Light oil registered a fall by $3.18 compared to the previous week and was sold at averagely ‎‎$63.14 during the week from Feb. 2 to Feb. 9, according to the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office.‎

Meanwhile the price of Iran’s Heavy oil stood at $62.80, indicating a fall by $3.30 during the week, compared to the previous week.

The average price of Iran’s Light oil has been $67.27 in 2018, while the average price of Heavy oil has been $65.33.

The price of OPEC basket of 14 crude brands stood at $63.81 during the week to Feb. 9, indicating a fall by $3.06.

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 ‎$62.09 ‎per barrel on Feb. 15 as compared to $60.62 the previous day, according to OPEC.