Iran’s crude oil price up $4.22 in a week

December 19, 2016 - 9:27

TEHRAN- Iranian light crude witnessed a $4.22 rise per barrel (pb) in the week ended on December 9 to reach $50.82, Shana reported on Sunday.

The country’s light crude price stood at $40.35 on average since the beginning of 2016 until December 9.
Iran also sold its heavy crude oil at $49.68 pb in the mentioned week, registering a $4.31 rise from its preceding week.
The country’s heavy oil price was reported $38.40 on average since the beginning of 2016 until December 9.
Meanwhile, in its monthly oil market report for September, the Organization of the Petroleum Exporting Countries (OPEC) reported that Iranian heavy crude average price stood at $47.30 pb in November falling $4.88 compared to the preceding month.
OPEC which accounts for a third of global oil supply, agreed in Vienna on November 30 to cut production from January by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd.
The cut will put production at the low end of a preliminary agreement struck in Algiers in September, and will reduce output from a current 33.64 million bpd.

EF/MA

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