Iran's Light Crude Soars Above $65
Iran's Light Crude Soars Above $65

Iran's Light Crude Soars Above $65

Iran's Light Crude Soars Above $65

Iran's light crude crossed $65 a barrel in the week to Dec. 30, topping off a year that saw global crude benchmarks rising to their highest levels in more than two years.
The Iranian light oil grade settled at $65.77 a barrel in the week, up 23.37% from the end of 2016, Oil Ministry's official news agency Shana reported on Sunday.
It averaged $53.31 per barrel in 2017 and $41 in 2016.
Iran Heavy, one of the country's main oil export grades, settled up $10.14 or 19.19% at $52.84 per barrel year-on-year, averaging $51.73 a barrel last year from below $40 in 2016.
The rally comes on the back of an agreement between the Organization of Petroleum Exporting Countries and some non-members, including top producer Russia, to cut back output by 1.8 million barrels per day to lift prices and clear a global supply overhang.
The deal, initially due to run during the first half of 2017, has been extended to the end of this year.
Brent, the international benchmark for crude prices, is trading around $68 a barrel, its highest level since mid-2015.
Prices were buoyed in 2017 from strong adherence of producers to the deal, outages in the United States, Venezuela, Nigeria and Libya, political unrests in the Middle East and most recently, the shutdown of the Forties Pipeline system in the North Sea that lasted three weeks.
The price of OPEC basket of 14 crudes stood at $66.13 a barrel on Thursday, compared with $65.12 the previous day, according to the latest OPEC calculations.
A Reuters survey this week showed OPEC's compliance with the curbs rose to 128% from 125% in November.
Experts say surging US production could offset some of the cuts from OPEC producers, as it rose to 9.78 million barrels per day in the week to Dec. 29.

Short URL : https://goo.gl/68CcWq
  1. https://goo.gl/uzKfni
  • https://goo.gl/wQCcNs
  • https://goo.gl/TFcqhU
  • https://goo.gl/s95vEc
  • https://goo.gl/DBAcV1

You can also read ...

Russia Says US Sanctions on Iran "Unproductive"
United States' sanctions on Iran's oil industry are...
Oil Coalition Seeks Consensus Ahead of Algiers Summit
With a critical meeting in Algiers fast approaching, a...
China to Cut Solar, Wind Subsidies
China will speed up efforts to ensure its wind and solar power...
Abu Dhabi Planning Biggest Oil  IPO in Decade
Abu Dhabi is pushing ahead with an initial public offering for...
Crude Prises Higher as Supply Concerns Rise
Oil prices rose on Monday as investors worried about the...
New Power Capacity for Sistan-Baluchestan
Operations to build new combined-cycle power plants in...
Abadan  Refinery  Second Phase  on Track
The second development phase of Abadan Oil Refinery in...
ICOFC to Develop  Eight Gas Fields
Iranian Central Oil Fields Company plans to develop eight gas...

Add new comment

Read our comment policy before posting your viewpoints