TEHRAN, Iran, June 20. Iran Heavy Crude Oil reached $115.48 in May, higher by 8.7 percent month-on-month compared to April, Trend reports citing OPEC’s Monthly Oil Market Report (MOMR).
According to the report, The OPEC Reference Basket (ORB) value rose firmly in May increasing by $8.23 m-o-m, or 7.8 percent, to average at $113.87/b.
All OPEC Reference Basket ORB components’ values rose over the last month alongside their respective crude oil benchmarks.
West and North African Basket components – Bonny Light, Djeno, Es Sider, Girassol, Rabi Light, Sahara Blend and Zafiro – increased $8.44 m-o-m in May, or 8.1 percent on average, to $113.01/b. The multiple regions’ destination grades – Arab Light, Basrah Medium, Iran Heavy and Kuwait Export – settled $8.76 higher m-o-m or 8.2 percent on average, to stand at $115.16/b.
The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.