Iran's crude oil prices continued to advance in the week to May 18, following the trail of international oil benchmarks that have rallied to their peak levels in more than four years.
The country's light oil gained $2.81 to $76.60 per barrel in the week. Iran Heavy, one of the country's main grades for export, rose by $2.3, reaching $73.58 per barrel in the period, Shana reported on Saturday, citing a report by the Oil Ministry.
Shana added that the country's crude prices have averaged at $66.91per barrel since March 21.
According to Shana, the price of OPEC basket amounted to $75.61 a barrel in the period, indicating a $2.15 hike.
"The National Iranian Oil Company is exporting close to 2.5 million barrels of oil per day," Ali Kardor, NIOC's managing director, said.
Oil prices fell more than $2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.
Brent crude futures fell $2.35, or 3%, to settle at $76.44 a barrel. The global benchmark lost about 2.7% this week, its largest weekly drop since early April. The contract hit its highest since late 2014 at $80.50 last week.
US West Texas Intermediate crude slumped $2.83, or 4%, to finish at $67.88 a barrel. For the week, WTI tumbled about 4.9%, its biggest loss since early February, a sharp course reversal after six weeks of gains.
The discount of WTI to Brent hit $8.60 per barrel, its widest since May 17, and not far off levels last seen three years ago.
The energy ministers of Russia and Saudi Arabia met in St. Petersburg to review the terms of a global oil supply pact that has been in place for 17 months, ahead of a key OPEC meeting in Vienna next month.
The ministers, along with their counterpart from the UAE, discussed an output increase of about 1 million barrels per day, sources told Reuters.
Russia’s Energy Minister Alexander Novak said oil ministers from OPEC states and non-OPEC countries participating in a deal to cut output would likely decide to gradually ease curbs at their meeting in Vienna next month.
