Increasing trend of Iran’s oil price stops

Business Materials 19 June 2018 15:52 (UTC +04:00)

Baku, Azerbaijan, June 19


Average price of Iranian oil at the global markets registered fall in the week to June 8, after experiencing several weeks of rise.

Each barrel of Iran’s Light oil registered a fall by $1.12 and was sold at averagely ‎‎$72.85 during the week to June 8, according to the latest data released by National Iranian Oil Company's OPEC Affairs and International Energy Forums Office.

Meanwhile, the price of Iran’s Heavy oil stood at $71.98, indicating a fall by $0.21 during the week, compared to the previous week.

The average price of Iran’s Light oil has been $67.90 in 2018, while the average price of Heavy oil has been $66.28.

The price of OPEC basket of 14 crudes stood at $73.45 during the week to June 8, indicating a fall by $0.43.

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 ‎$71.09 ‎per barrel on June 18 as compared to $72.79 on June 15, according to OPEC.