Iran’s light oil price registers some $4/b increase

Business Materials 21 April 2018 13:56 (UTC +04:00)

Baku, Azerbaijan, April 21

By Gazenfer Hamidov – Trend:

Iranian Light oil price in global markets witnessed an increase by some $4 per barrel during the week from April 6 to April 13, after experiencing a sharp fall in preceding week.

Each barrel of Iran’s Light oil registered an increase by $3.77 and was sold at averagely ‎‎$68.11 during the week to April 13, 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 $65.67, indicating a rise by $2.15 during the week, compared to the previous week.

Concerns about the impact of tensions between the United States and Russia on the Middle East has led to a rise in oil prices to the highest level in the past three years.

However, demand for crude oil has increased as well after completion of periodic overhaul of refineries in different regions.

The price of OPEC basket of 14 crude brands stood at $67.67 during the week from April 6 to April 13, indicating a rise by $2.57.

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 ‎$70.96 ‎per barrel on April 19 as compared to $69.39 the previous day, according to OPEC.