Iranian oil price falls 9 cents per barrel in a week

Tehran Times- After consecutive weeks of rise following the OPEC and non-OPEC deal on November 2016, Iranian light crude oil price experienced a nine cent decline in the week ending January sixth, to settle at $53.22, Shana reported on Saturday.

According to the report, Iran’s heavy oil price in the same week experienced a 20-cent fall per barrel to descent to $52.84.

OPEC’s oil price for the mentioned week also fell 1 cent to stand at $53.9 per barrel.

According to a report by Bloomberg, Oil posted the biggest weekly decline since November 2016 as traders await proof that OPEC and other producers are following through on promises to cut production.

While suppliers including Saudi Arabia, Kuwait, Iraq and Oman have claimed starting output cuts, the prices were expected to continue the upward trend in the upcoming weeks but it seems the market is waiting for verification and that would haunt the market until the mentioned countries’ monthly production data is released.