Prices of Iranian light crude reaches $68 per barrel

reporter 1222 — Sat, 13 Jan 2018 15:30:10 +0000

TEHRAN– Iranian light crude price which has started going up since the beginning of 2018 reached 68 dollars in the week leading to the 5th of January.

Iran’s light crude oil price increased by 1.80 cents and reached $67.57 per barrel in the week leading to January 5, Friday. The average price for Iran’s light crude oil has been 64.57 cents per barrel since the beginning of 2018.

Iran’s heavy crude oil went up by 1.40 cents per barrel during the said period and mounted to $64.38 cents. The average price for Iran’s heavy crude oil has been 64 dollars and 38 cents per barrel since the beginning of 2018.

The price of OPEC basket surged to $65.49 indicating an increase by 1.50 cents compared to the previous week.

Over the same period of time, WTI crude oil price increased by 1.36 cents and reached $61.36 per barrel and the Brent crude oil price rose by 2 dollars and 28 cents and was traded at 67.94 cents per barrel.

Dubai and Oman crude oil barrels were also traded at $64.71 and $64.99 respectively increasing by 93 cents and 1.50 cents.

Severe cold weather in the US and Asia which resulted in the rise in demands for crude oil from the refineries in the said regions is one of the most important reasons for the increase in oil prices this week. The decrease in crude oil production by 100 thousand barrels in Libya in the last week of December 2017 due to the pipeline explosion and difficulties in supplying electricity have also contributed to the increase.

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Prices for Iranian crude exceed $53 per barrel

reporter 1222 — Sun, 24 Sep 2017 10:44:08 +0000

TEHRAN – Iran’s light crude prices moved up by over one dollar to reach as high as 54 dollars per barrel in the week leading to September 15.

In the seven days leading to September 15, Iran’s light crude prices grew by $1.60 climbing to 54 dollars and one cent a barrel while the average figure for Iranian crude has been $49.31 since the beginning of the year 2017, the Iranian Ministry of Petroleum reported.

In the meantime, price figures for heavy crude of Iran rose to 51 dollars and 60 cents indicating a 91-cent upswing as compared the earlier week.

The price of OPEC basket also rocketed by 1.14 cents surging to a $52.82 per barrel.

Over the same time span, WTI and Brent crude oil prices grew larger by 75 cents and $1.76 cents mounting up to $49.08 and $55.70 respectively.

Dubai and Oman crude oil barrels were also traded at $52.91 and $53.23 in the week leading to September 15 after respectively snowballing by 84 and 85 cents.

Analysts believe that OPEC and non-OPEC voluntary agreements on oil production cuts, which will continue until the first three months of 2018, will be renewed, which could further increase Brent crude versus West Texas oil prices. The reason is that oil buyers, especially those active in Asia, will turn to various crude types extracted in the North Sea given that continued decline in production by OPEC member countries will lead to rising crude oil prices in the Persian Gulf.

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Prices of Iranian light crude reaches $68 per barrel

Prices for Iranian crude exceed $53 per barrel