Iranian oil price hikes 99 cents per barrel in a week

April 24, 2017 - 7:56

TEHRAN- The price of Iran’s light crude oil in the week ending April 14 experienced a $0.99 increase to reach $52.42 per barrel, IRNA reported on Sunday.

According to the report, Iran’s heavy oil price in the same week experienced a $1.82 growth per barrel to stand at $53.1.

Iran sold its heavy crude at $51.75 on average since the beginning of 2017.

Meanwhile, with $1.79 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $53.38 per barrel in the mentioned week.

According to Reuters, in recent weeks oil prices experienced some rise on talk that OPEC could extend supply cuts.

“Sources within the Organization of the Petroleum Exporting Countries have indicated that its members increasingly favor extended production cuts but want the backing of non-OPEC oil producers, such as Russia, which have yet to deliver fully on existing reductions,” Reuters said.

Earlier this month, Shana reported that the price for Iranian oil witnessed an almost $12 rise in the first half of the first Iranian calendar month Farvardin (March 21-April 4) compared to the same period last year.

EF/MA

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