Volume. 12227

Iran’s June crude oil price up $2.05: OPEC
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c_330_235_16777215_0___images_stories_edim_04_ma2(22).jpgTEHRAN – Iran sold crude oil at $107.45 per barrel in June, a $2.05 rise compared to May, the Organization of Petroleum Exporting Countries (OPEC) said in its latest report.
The country’s crude oil price amounted to $105.17 on average during the first six months of 2014, compared to $104.26 during the same period of time in 2013, the report added.
Brent crude, a benchmark for international oils used by many U.S. refiners, fell $2.01 Friday to close at $106.66 on the ICE Futures exchange in London.
Iran’s Oil Minister Bijan Namdar Zanganeh has set an output target of 5.7 million barrels per day of crude by 2018, according to official statements. The latest figures produced by OPEC show that Iran is currently pumping about 3 million bpd of crude.
An interim accord easing restrictions on insurance for Iran’s oil shipments and freeing up cash held outside the country in return for a suspension of nuclear work went into effect in January. Under the agreement, six buyers permitted under U.S. sanctions to take Iranian crude don’t have to cut imports to avoid penalties.
The six buyers permitted to import Iranian crude under U.S. sanctions are Turkey, China, Japan, India, South Korea and Taiwan. 

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