Iran's heavy crude surpasses light crude in price

Iran's heavy crude surpasses light crude in price ...
en.mehrnews.com 20/02/2017 Economy

Keywords:#Brent, #Dubai, #Economy, #En.mehrnews.com, #European, #Iran, #Iranian, #MNA, #News, #OPEC


News ID: 3911460 - Sun 19 February 2017 - 21:45
Economy
TEHRAN, Feb. 19 (MNA) – For the first time in 2017, each barrel of Iran’s heavy crude was priced higher than the county’s light crude in global markets.
Despite the 90% commitment of OPEC members to the oil freeze deal since the beginning of 2017, oil prices plummeted in transactions leading up to 10 February.
Accordingly, OPEC oil basket price declined by 25 cents to fall into $52.93 per barrel while the figure for America’s sweet gas (West Texas) plunged by 46 cents to $53.34 and Brent crude oil was traded at $54.56 following a $1.02 decrease.
Moreover, Dubai’s benchmark oil price fell by 17 cents to reach $54.05 per barrel and Omani crude oil was traded in global markets at $54.69 after being decreased by seven cents.
Similarly, price of each barrel of Iranian light and heavy crude oil also experienced a drop in the dealings leading to February 10, 2017. With a $1.57 reduction, light crude of Iran was sold at $51.44 in Asian and European markets.
Nevertheless, given the growing demand for Iranian heavy crude, its price per barrel increased by six cents to be traded at 52.76 dollars.
Since the beginning of 2017, the average sale price per barrel for light and heavy crude oil of Iran has been 52.29 and 52.19 dollars, respectively.
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