Iran Crude Slips Below $50
Iran Crude Slips Below $50

Iran Crude Oil Slips Below $50

Iran Crude Oil Slips Below $50

Iranian crude oil traded down more than 4% to $45 per barrel in the week to April 28, showing signs of pressure from the slowdown in the global oil markets. Its light oil blend fell $1.93 to $45.42 per barrel and Iran Heavy, the country’s main export grade, settled at $48.11 a barrel, losing $1.20 in the week, IRNA reported, citing Oil Ministry data. So far in 2017, Iran’s heavy and light crude have averaged $51.37 and $50.68 a barrel respectively, holding just above the $50 mark thanks to strong gains in the first quarter following a global pact to cut crude oil supplies.
Thirteen members of the Organization of Petroleum Exporting Countries announced a landmark deal to reduce collective output by 1.2 million barrels a day, effective in the first six months of 2017.  They were joined by 11 producers outside the organization, including Russia, in an effort to ease the oversupply of crude oil which has put severe financial strain on producing nations over the last three years. The price of OPEC basket of thirteen crudes stood at $48.37 a barrel on Thursday, compared with $47.31 the previous day, according to OPEC secretariat calculations.
Global oil prices rallied on Friday, the last trading day, as US crude inventory data showed that OPEC-led output cuts were helping reduce a global glut. Benchmark Brent crude settled up 7 cents at $50.84 on Friday and US light crude was up 1 cent at $47.84.
Still, prices are more than half of their peak levels since mid-2014, when oil traded around as much as $115 per barrel.
Iran pumped 3,759 million barrels per day in April, trimming 39,000 barrels in daily crude oil production compared to the previous month, latest OPEC data shows. Iran’s production is within the limits of the oil agreement in which the country was allowed to produce an average of 3.8 million bpd in the first half of the year.

Short URL : https://goo.gl/4sPO1j
  1. https://goo.gl/uoEbPI
  • https://goo.gl/U40V4T
  • https://goo.gl/RXlzqQ
  • https://goo.gl/ZtMCZM
  • https://goo.gl/7gT2wk

You can also read ...

Essar’s Oct. Iran Oil Imports Fall
Indian private refiner Essar Oil’s imports from Iran fell by...
S. Arabia’s Falih: 50% of Excess Oil Remain
The world will still have a surplus of oil by the end of March...
IEA: US to See Most Crude Output Growth in 10 Years
The United States is expected to account for more than 80% of...
Tehran and Dushanbe have discussed the idea of using tracts of land in Tajikistan for cultivating crops to be imported back to Iran.
In his first overseas trip as Iran's energy minister, Reza...
Oil Prices Set for Weekly Fall
Oil prices rose on Friday but remained en route for their...
Just two offshore companies accounted for 45% of the total owed creditors this year.
Offshore oil drilling and services companies, hurt by the...
NIOC has concluded MoUs with Austria’s OMV and Thailand’s PTTEP for undertaking surveys on the oilfield.
Singapore-based Berlanga Group has signed a memorandum of...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.