Iran Crude Oil Trading Above $50
Iran's oil export grades topped the $50-per-barrel mark in the week ending Dec. 16, supported by a decision of OPEC producers and outside producers to slash production to alleviate a global oversupply that has depressed prices for more than two years.
Iran Heavy, the country's main export grade, traded at $51.70 per barrel in the week, gaining $2.02 over the previous week. Iran's light crude averaged $51.70 a barrel in the said period, up $1.04, Shana reported on Saturday, citing a report by the Oil Ministry.
Iran's heavy and light blends have averaged $38.68 per barrel and $40.60 per barrel respectively in 2016.
Members of the Organization of Petroleum Exporting Countries reached a decision last month to reduce production by more than 1.2 million barrels to lock their collective output at 32.5 million barrels per day through the first half of next year. Some non-OPEC countries, including Russia, pledged to cut production by another 600,000 barrels.
Oil is trading around its highest since mid-2015. International benchmark Brent crude was down 34 cents at $54.71 on Friday, the last trading day in the US and Europe. It reached $57.89 per barrel, the highest since July 2015, on Dec. 12. US West Texas Intermediate crude fell 37 cents to $52.58
However uncertainties on whether producers will stick to their planned cuts have pared gains.
OPEC's basket price of 14 crudes settled down last month at $43.22 per barrel from the October average of $47.87 a barrel, according to OPEC's monthly report.
source: Financial Tribune
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
