Iran sells crude oil at $48.6 per barrel in a week

October 24, 2016 - 20:15

TEHRAN- Iran sold its light crude oil at $48.66 per barrel in the week ended on October 14, with 81 cents increase from its previous week, Shana news agency reported.

Iran’ light oil price stood at $39.28 on average since the start of this calendar year (March 20, 2016).

The country also sold its heavy crude oil at $47.4 per barrel in the mentioned week, with 85 cents rise from its preceding week.

Iran’ heavy oil price stood at $37.18 on average since the start of current calendar year.

Meanwhile, with a 99 cent rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price reached $48.5 per barrel in the week ended on October 14.

After major oil producers’ meeting in Algiers on September 28, which ended in a preliminary accord on capping OPEC members’ oil production level, crude oil prices have experienced an increase. 

As predicted, in case of a final deal to freeze oil output, international oil prices would surpass $50 and will swing up to $60. 

MA/MG

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