Iran’s oil price registers slight fall
Baku, Azerbaijan, May 13
Iranian oil price in global markets has registered a slight fall by $0.50 per barrel during the week to May 4.
Each barrel of Iran’s Light oil registered a fall by $0.51 and was sold at averagely $70.77 during the week to May 4, 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 $68.53, indicating a fall by $0.52 during the week, compared to the previous week.
The average price of Iran’s Light oil has been $66.04 in 2018, while the average price of Heavy oil has been $64.44.
The price of OPEC basket of 14 crudes stood at $70.74 during the week from April 27 to May 4, indicating a fall by $0.18.
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 $74.46 per barrel on May 10 as compared to $73.97 the previous day, according to OPEC.