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Iranian oil becomes cheapest available in market

Iranian oil becomes cheapest available in market

Date: 4 January 2016 10:32

Tehran, Iran, January 3

By Mehdi Sepahvand – Trend:

Iranian crude oil experienced the greatest decline among all oils in market in the past week to hit about $28 per barrel.

Accordingly, the Iranian crude has turned into one of the cheapest available, Mehr news agency reported January 3.

During the week ending on December 25, the Iranian heavy export crude fell by 64 cents to reach $28.40.

Meanwhile, each barrel of Iran’s light export crude fell by 67 cents to reach $31.7.

The average price of the Iranian heavy crude since the beginning of the current Iranian fiscal year (March 21) has been $48.28 per barrel. The number has been $50.34 for Iran’s light crude.

During the said week, the OPEC basket also fell by 78 cents to reach $31.32.

Iran has said it will retaliate the Saudi-triggered downfall of oil prices by not reducing its output. Rather, Oil Minister Bijan Zanganeh has said, the country will boost production by about 500 thousand barrels a day once Iran is free of sanctions, expected to happen in January.

Iran says its share of the OPEC basket has been taken by Saudi Arabia and some other members while its production had shrunken under sanctions.

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