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 Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
NPC Not Worried About Exports
The National Petrochemical Company is not concerned about...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus