Baku, Azerbaijan, July 2
By Fatih Karimov – Trend:
Iran’s crude oil price witnessed a rise by about 80 cents per barrel in the global markets during the week that ended June 24, ISNA news agency reported July 2.
Each barrel of Iran’s Light oil was sold at $46.31 during the week to June 24, or $0.79 more compared to the previous week.
The price of Iranian Heavy oil stood at $44.3, indicating an increase by $0.76 in comparison with the preceding week.
The average price of Iran’s Light oil this year was $36.43, while the average price of Heavy oil was $34.05.
Iran last saw record low oil prices in 1998 when its oil was traded in the markets below $10 per barrel.
The price of OPEC basket of 13 crude brands stood at $45.95 during the week to June 24, indicating a rise by $0.86 on a weekly basis.
The new OPEC Reference Basket of crude brands (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), 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 $46.27 a barrel on June 30 as compared to $45.82 the previous day, according to OPEC calculations.