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Iran`s crude oil edged closer to $50 a barrel at the end of last month. the Oil Ministry said.
Iran Heavy. the country`s main export grade. settled at $49.17 per barrel in the week to March 31. up 54 cents from the previous week. The country`s light crude gained $1.21. reaching $48.78 per barrel. IRNA reported Saturday. citing a report by the ministry.
The price of OPEC basket of thirteen crudes stood at $51.82 a barrel on Thursday. compared with $51.95 the previous day. OPEC secretariat calculations showed.
International oil benchmark Brent dropped below $50 a barrel in March. the lowest in four months. on concerns over rising US oil inventories and speculations that a deal between members of the Organization of Petroleum Exporting Countries and non-members to cut crude supplies will not be extended for the second half of the year.
Last year. 13 OPEC members and 11 nations outside of the bloc reached a rare agreement to ratchet down global oil production by 1.8 million barrels a day in the first half of 2017 to help alleviate a persistent glut that has put a firm cap on prices in the past three years.
Iran was allowed to slightly raise output compared to its October production level – the baseline for the OPEC accord – because it is recovering from years of international economic sanctions that significantly undermined its oil export and market share.
Earlier this week. the ministry reported that Iran`s crude oil prices settled around 25% higher in March compared to the same period the previous year. Each barrel of Iran`s heavy and light crude was sold at $48.64 per barrels and $47.96 per barrel respectively in the previous month. according to the ministry.
Iran sits behind Saudi Arabia and Iraq as the third-biggest OPEC producer. Officials say the country is now pumping close to 4 million barrels of crude oil and condensate daily. almost level with its output before the tightening of sanctions in 2011.
