72165
Iranian Crude Below $51
Energy

Iranian Crude Below $51

Iran's crude oil dipped below $51 a barrel in the week to September 1, echoing uncertainties in global markets roiled by supply disruptions in the US.
The country's light crude fell to $50.93 a barrel from $51 in the previous week. Iran Heavy, one of the country's main export grades, settled 33 cents lower at $48.51 a barrel in the week, IRNA reported on Sunday, citing an Oil Ministry report.
The latest OPEC data showed the price of the organization's basket of 14 crudes stood at $52.53 a barrel on Friday, compared with $52.48 the previous day.
According to OPEC's latest monthly report published on August 10, Iran Heavy has averaged above $49 a barrel in 2017 compared to just above last year's average of $35 a barrel.
The price drop mirrors the trend in global prices that have been shaky in recent weeks.
The United States has been battered by two giant hurricanes in the past few weeks, with nearly one-fourth of its refining capacity affected. But the shutdowns did not translate into a windfall for other suppliers, as lower crude imports by the world's biggest oil consumer added to the supply overhang and kept price gains limited.
Iran has set the official selling price of its Iranian Light grade for Asian buyers at 50 cents above the Oman/Dubai average for October, up 48 cents from the previous month, Reuters said, quoting an industry source with direct knowledge of the matter as saying on Friday. Last month, Iran changed the pricing formula for its Soroush grade so it is now priced against the Oman/Dubai average, Reuters said.

Short URL : https://goo.gl/hWJuog
  1. https://goo.gl/HCWBjz
  • https://goo.gl/9LG2Kn
  • https://goo.gl/vRhoSg
  • https://goo.gl/pjkwwu
  • https://goo.gl/WTnB4o

You can also read ...

China on Pace for Record Solar Power Installations
China, the world’s biggest carbon emitter, is poised to...
Algiers, Tehran in Talks to Expand Energy Ties
Tehran is ready and willing to play a role in Algiers' joint...
Major repairs at Nouri plant are scheduled to start next month.
Nouri Petrochemical Company, one of Iran's top petrochemical...
Iran Turns to Europe to  Shore Up Crude Exports
Iran is banking on customers in Europe to shore up crude oil...
IPO to Auction 41 Filling Stations in 14 Provinces
Iran Privatization Organization is scheduled to auction 41...
Crude Prices Lose Steam
Oil eased on Monday, as traders were reluctant to take on big...
Zanganeh Says Most OPEC Members Back Extending Output Cuts
Oil Minister Bijan Namdar Zanganeh said on Monday that a...
Heavy oil from Iraq, Canada and Brazil are already replacing Venezuelan barrels.
As Venezuela’s dilapidated energy sector struggles to pump...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus