Iran Crude Prices Slide 5%
Iran Crude Prices Slide 5%

Iran Crude Prices Slide 5%

Iran Crude Prices Slide 5%

Iranian crude oil slipped to $45 per barrel in the week to June 9 amid bearish sentiments that an OPEC-led initiative to erase global oil stocks to lift prices is not enough.
Iran Heavy, the main export grade, slipped $2.39 a barrel, or nearly 5%, to $45.95 in the week while its light crude settled at $44.85, down 4.5% in weekly trade, IRNA reported, citing a report by the Oil Ministry.
The price of OPEC basket of thirteen crudes stood at $44.38 a barrel on Thursday, compared with $45.16 the previous day, according to OPEC Secretariat calculations.
Oil prices have largely remained locked within a narrow range of $45-50 a barrel in the past few weeks.
Last month, 13 members of the Organization of Petroleum Exporting Countries and 11 other producers extended an agreement to cut oil supplies by 1.8 million barrels daily in the first half of 2017 by nine months to March next year.
But most energy stocks fell and crude prices went on a downward spiral on the news of the extension. Some analysts suggested the extension was not enough, adding that the markets expected deeper cuts or more producers to jump on the supply cut bandwagon.
International Brent crude futures settled at $47.37 per barrel and US West Texas Intermediate traded $44.74 a barrel on Friday.
Oil prices have nearly lost all their gains since OPEC announced its supply cut agreement in late November.

Short URL : https://goo.gl/bvrYMg
  1. https://goo.gl/y7q1Nk
  • https://goo.gl/yr81tY
  • https://goo.gl/4X8C22
  • https://goo.gl/qV2rXT
  • https://goo.gl/yvBqXu

You can also read ...

Offshore drilling is expensive in a time of relatively low oil prices.
The US administration on Friday said it would offer the...
Egypt to Import LNG   From France
Egyptian Natural Gas Holding Company has arranged for the...
India to Increase Oil Imports From Iran
In April through January, the first 10 months of this fiscal...
UAE Committed to OPEC Output Reduction Deal
The UAE will remain committed to the global oil output...
The national gas network accounts for providing 70% of the country's energy.
In line with efforts to deliver natural gas to far-flung...
SP Phase 13 Ready to Deliver Sweet Gas
The first gas sweetening train in Phase 13 of South Pars Gas...
NPC Subsidiary, Foreign Firms in Scientific Coop.
The Petrochemical Research and Technology Company of Iran...

Add new comment

Read our comment policy before posting your viewpoints