Iran's crude oil price falls

Business Materials 18 March 2018 13:51 (UTC +04:00)

Baku, Azerbaijan, March 18

By Gazenfer Hamidov – Trend:

Iranian oil price in global markets witnessed fall during the week to March 9 after experiencing an increase during the preceding month.

The downward trend of oil price started in January and continued in first weeks of February.

Each barrel of Iran’s Light oil registered an fall by $0.90 and was sold at averagely ‎‎$62.28 during the week from March 2 to March 9, 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 $60.63, indicating a rise by $1.40 during the week to March 9, compared to the previous week.

The average price of Iran’s Light oil has been $65.11 in 2018, while the average price of Heavy oil has been $63.62.

The price of OPEC basket of 14 crude brands stood at $62.52 during the week to March 9, indicating a fall by $1.06.

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 ‎$62.24 ‎per barrel on March 15 as compared to $61.97 the previous day, according to OPEC.