Article page new theme
Energy

Iran Heavy Crude Price Ticks Up

Iran's heavy crude oil gained $1.45 or 2.6% per barrel in January compared to December when it was traded at $54.84 per barrel. 

Iran Heavy, one of the country's main grades for export, settled at $56.29 last month, ISNA quoted a report by OPEC as saying on Wednesday.

According to OPEC's latest monthly report published on February 12, Iran Heavy on average has declined by $9 per barrel in 2019 compared to last year's average of $65 a barrel.

The price of OPEC basket stood at $58.74 a barrel in January, indicating 3.2% or $1.80 rise compared to the previous month at $56.94, according to the latest OPEC Secretariat calculations.

Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as US sanctions hit Venezuela’s oil exports. 

US West Texas Intermediate (WTI) crude oil futures were at $53.66 per barrel, up 56 cents, or 1.1%, from their last close. 

International Brent crude futures were up 1%, or 65 cents, at $63.07 per barrel.

ISNA said National Iranian Oil Company's crude oil production reached 2.754 million barrels per day in January, down 4,000 bpd compared to December at 2.758 bpd.

NIOC's average production was 3.3 million bpd between March and September 2018, OPEC figures show.

OPEC oil output fell the most in two years last month as the group implemented almost 80% of its new production cuts deal. 

Output from OPEC’s 14 current members fell by 797,000 bpd last month to 30.841 million bpd, according to secondary sources, analysts and ship-tracking data. OPEC’s 15th member, Qatar, left the group in December.