Prices for Iranian crude exceed $53 per barrel

MNA – 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.