Iranian crude oil price up over $4 in a week

September 14, 2015

TEHRAN- Iran sold light crude oil at $48.16 per barrel on average in the week ended on September 4, a $4.73 rise from the previous week, according to the Shana News Agency.

  
The country sold heavy crude oil at $46.46 per barrel on average in the mentioned week, showing $4.56 increase compared to its previous week.

Iran’s light and heavy crude oil prices stood at $54.33 and $52.41 per barrel on average, respectively, since the beginning of this year.

Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $46.90 per barrel on average in the week ended on September 4, with $5.6 rise from its preceding week. OPEC’s basket price was $53.85 per barrel on average since the start of current year.

Brent crude price stood at $48.75 per barrel in the mentioned week, with $4.96 increase from its preceding week. The crude was sold at $56.40 per barrel on average since the year start.

West Texas Intermediate (WTI) crude oil price averaged $46.54 per barrel in the week ended on September 4, with $5.93 increase compared to the week before. WTI crude got the highest rise in price among the international benchmark crudes in the mentioned week.

Iranian Oil Minister Bijan Namdar Zanganeh said Iran can boost oil production in one week after international sanctions are lifted, and OPEC’s refusal to accommodate Iran in export markets would result in lower crude prices, Bloomberg reported on August 2.

The minister said production can increase by 500,000 barrels per day (bpd) within a week after sanctions end and by 1 million bpd within a month following that.

He says he has already told OPEC to make room for the incoming Iranian oil. 

With holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.
  
MA