Iran’s oil price continues to rise

Business Materials 28 April 2018 17:21 (UTC +04:00)

Baku, Azerbaijan, April 28


Iranian Light oil price in global markets witnessed an increase by some $2 per barrel during the week to April 20. The price experienced a sharp rise by $4 per barrel in preceding week.

Each barrel of Iran’s Light oil registered an increase by $1.68 and was sold at averagely ‎‎$69.79 during the week to April 20, 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 $67.56, indicating a rise by $1.89 during the week, compared to the previous week.

The price of OPEC basket of 14 crudes stood at $69.5 during the week from April 13 to April 20, indicating a rise by $1.83.

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 ‎$71 ‎per barrel on April 26 as compared to $70.50 the previous day, according to OPEC.