Iranian oil price hikes $1.15 per barrel in a week

January 9, 2017 - 15:42

TEHRAN- The price of Iran’s light crude oil in the week ending December 30 witnessed a $1.15 increase per barrel to register a new record in this commodity’s price in recent months, IRNA reported on Saturday.

The price of Iran’s light oil stood at $53.31 in the mentioned week to push the average price for the Iranian light crude up to $41 in 2016.

According to the report, Iran’s heavy oil price in the same week experienced a $1.18 growth per barrel to stand at $52.84.

Iran sold its heavy crude at $39.19 on average in 2016.

According to a report by Bloomberg, Oil last year capped its biggest annual gain since 2009 as the Organization of Petroleum Exporting Countries (OPEC) and 11 nations from outside the group agreed on a plan to reduce production.

While suppliers including Saudi Arabia, Kuwait, Iraq and Oman have started to curtail output, the prices are expected to continue this upward trend in the upcoming weeks.


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