TEHRAN – The price of Iran’s light crude oil in the week ended on February 24 rose $1.24 to stand at $53.14 per barrel, IRNA reported.

The country’s light crude price stood at $52.35 on average since the beginning of 2017 until February 24.

Meanwhile, Iran sold its heavy crude oil at $53.47 per barrel in the mentioned week, up 42 cents from its preceding week.

The country’s heavy oil price was reported $52.46 on average since the beginning of 2017 until February 24.

Meanwhile, with 45 cents rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $53.68 per barrel in the mentioned week.

Earlier in February, National Iranian Oil Company Managing Director Ali Kardor had said that oil production in Iran will reach four million barrels per day (bpd) by the beginning of the next Iranian calendar year (March 21).

According to a survey by Reuters published on January 31, Iran has increased its oil output by 20,000 bpd in January after the country was exempted from the OPEC cuts.

Iran's crude oil output was 3.9 million bpd in January, according to Iranian Oil Minister Bijan Namdar Zanganeh.

EF/MA