TEHRAN – Iran sold light crude oil at $39.19 per barrel on average in the week ended on November 27, a 66 cents rise compared to its preceding week.

  
The country sold heavy crude oil at $36.40 per barrel on average in the mentioned week, showing 57 cents growth compared to its previous week, according to the IRNA news agency.  

Iran’s light and heavy crude oil prices stood at $51.7 and $49.69 per barrel on average, respectively, since the beginning of this year. 

Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $39.3 per barrel on average in the week ended on November 27, with $1.2 rise from its preceding week. OPEC’s basket price was $51.2 per barrel on average since the start of current year.

Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market after lifting of sanctions. 

Western sanctions have cut Iran’s oil output to 2.7 million bpd from 3.9 million bpd. 

With holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.   

MA/