Iran exported crude price almost $50 a barrel

EghtesadOnline: Iran's light crude was sold for 47.85 dollars, up 5.24 dollars, a barrel in the week to October 7.

News ID: ۷۷۰۴۷۲

17 October 2016

The price for different kinds of crude was on the rise following the OPEC agreement in the Algiers session on oil freeze, reports IRNA.
Certain experts believe oil price will be fixed above 50 dollars following the freeze agreement. Hence, the price for different kinds of crude has started moving to the range of 50 to sixty dollars from the range of 40 to 50 dollars.
Iran's light and heavy crude price started upward growth in the preceding weeks and after Algeria accord; now it edges 50 dollars a barrel.
The OPEC and Relations with Energy Forums Department at Ministry of Petroleum said beside increase in Iranian light crude price, each barrel of Iranian heavy crude rose by 5.79 dollars to 46.55 dollars a barrel in the week to October 7.
Average price for Iranian crude has since 2016 stood at 36.9 dollars a barrel.
The US crude price in the week to October 7 rose up to 49.52 dollars, up 2.78 dollars.
Brent crude price also rose by 2.85 dollars a barrel to 49.53 dollars.
The price for OPEC basket of crude rose by 4.37 dollars to 47.5 dollars in the period under study.
Iran's crude exports reached 2,200,000 barrels per day and it is to rise up to 2,350,000 barrels per day in the coming months.
Some 600,000 to 650,000 barrels of Iranian crude are destined to Europe and the rest to Asia.