Baku, Azerbaijan, March 3
By Gazenfer Hamidov – Trend:
Iranian oil price in global markets revived after experiencing several weeks of fall in February.
The downward trend of oil price, which started in January and continued in February, reversed as Iran’s oil price witnessed averagely some $2 per barrel increase during the week to Feb. 23 in the global markets.
Each barrel of Iran’s Light oil registered an increase by $2.43 compared to the previous week and was sold at averagely $62.39 during the week from Feb. 16 to Feb. 23, according to the National Iranian Oil Company's OPEC Affairs and International Energy Forums Office.
The Iranian Light oil price witnessed over $8 per barrel decrease during the February.
Meanwhile, the price of Iran’s Heavy oil stood at $61.73, indicating a rise by $1.64 during the week, compared to the previous week.
The average price of Iran’s Light oil has been $65.72 in 2018, while the average price of Heavy oil has been $64.20.
The price of OPEC basket of 14 crude brands stood at $63.09 during the week to Feb. 23, indicating a fall by $1.75.
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 $62.23 per barrel on March 1 as compared to $63.97 the previous day, according to OPEC.