Iran’s Light Crude Price Exceeds $53 pb

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The price of Iranian light crude oil surpassed $53 per barrel in the week ending in February 24.
Iran’s light crude oil price rose by $1.24 in the mentioned period registering a record rise among other producing countries.
The oil price rise over the past weeks is mainly due to the commitment of OPEC and non-OPEC producers to a decision to reduce oil production.
Also. the Iranian heavy crude rose by 42 cents reaching $53.47 per barrel.
In their 171th general meeting in Vienna on November 30. the OPEC member-states approved oil freeze.