Iran’s oil price increases for 3rd straight week ‎

Business Materials 3 June 2018 14:07 (UTC +04:00)

Baku, Azerbaijan, June 3


Iranian oil price at the global markets registered increase for third straight week in the period from May 11 to May 25.

Each barrel of Iran’s Light oil registered a rise by $0.43 and was sold at averagely ‎‎$77.03 during the week to May 25, 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 $74.41, indicating a rise by $0.83 during the week, compared to the previous week.

The average price of Iran’s Light oil has been $67.41 in 2018, while the average price of Heavy oil has been $65.71.

The price of OPEC basket of 14 crudes stood at $76.26 during the week from May 11 to May 25, indicating a rise by $0.65.

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 ‎$75.17 ‎per barrel on May 31 as compared to $73.72 the previous day, according to OPEC.