Iran’s light oil price closes to $64/b amid Middle East tensions

Trend News Agency– Iran’s oil price registered a significant rise by over $3 per barrel, in the global markets during the week from Nov. 3 to Nov. 10, the National Iranian Oil Company’s OPEC Affairs and International Energy Forums Office said in its latest weekly report.

In recent weeks hopes have been increased about extending the OPEC-non-OPEC countries last year agreement to keep the oil output down.

On the other hand, reducing surplus oil supply to oil markets, has strengthen the oil price to over $60 per barrel.

Increasing tension in Middle East and Persian Gulf region is another factor which has led to oil price increase.

Each barrel of Iran’s Light oil was sold at averagely $63.82 during the week till Nov. 10, or $3.78 more compared to the previous week.

The price of Iran’s Heavy oil stood at $60.15, indicating a rise by $2.82 during the week, compared to the previous week.

This year the average price of Iran’s Light oil was $50.79, while the average price of Heavy oil was $50.41.

The price of OPEC basket of 14 crude brands stood at $61.66 during the week till Nov. 10, indicating a rise by $2.94.

The OPEC Reference Basket (ORB) includes the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Rabi Light (Gabon), 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 ‎$59.98 ‎per barrel on Nov. 16 as compared to $59.79 the previous day, according to OPEC.