Iran’s light crude oil price hovering above $35

April 10, 2016

TEHRAN- Average price of Iran’s light crude oil hit $35.49 per barrel in the week ended on April 1, down $0.86 from its preceding week, the Islamic Republic of Iran Broadcasting (IRIB) reported on Saturday.

The average price of Iran’s light crude oil stood at $30.44 per barrel since the beginning of the current Iranian calendar year (March 20).

The country also sold heavy crude oil at $33.34 per barrel on average in the mentioned week, showing $0.84 of decrease compared to its previous week.

Iran’s average heavy crude oil price stood at $27.87 per barrel since the beginning of the current Iranian calendar year.

Organization of Petroleum Exporting Countries (OPEC)’s basket price fell to $34.74 per barrel on average in the week ended on the 1st of April, dropping $1.07 from its preceding week.  

Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market now that the sanctions are being lifted against the country. 

Iranian Oil Minister Bijan Zanganeh said on April 4 that Iran will continue increasing its oil production and exports until it reaches the market position it enjoyed before the imposition of sanctions.

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

SJ/MA

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