Iran’s oil price continues to rise

Business Materials 11 March 2018 17:12 (UTC +04:00)

Baku, Azerbaijan, March 11

By Gazenfer Hamidov – Trend:

Iranian oil price in global markets witnessed increase for second straight week after experiencing several weeks of fall in February.

The downward trend of oil price, which started in January and continued in first weeks of February reversed in the last week of February as Iran’s oil price witnessed averagely some $2 per barrel increase in the global markets.

Each barrel of Iran’s Light oil registered an increase by $0.79 and was sold at averagely ‎‎$63.18 during the week from Feb. 23 to March 2, 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 $62.03, indicating a rise by $0.30 during the week, compared to the previous week.

The average price of Iran’s Light oil has been $65.43 in 2018, while the average price of Heavy oil has been $63.96.

The price of OPEC basket of 14 crude brands stood at $63.58 during the week to March 2, indicating a rise by $0.49.

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 ‎$61.85 ‎per barrel on March 8 as compared to $62.68 the previous day, according to OPEC.