TEHRAN – Iran sold light crude oil at $29.75 per barrel on average in the week ended on February 5, a $3.83 rise compared to its preceding week.

  
The country sold heavy crude oil at $27.19 per barrel on average in the mentioned week, showing $4.36 growth compared to its previous week, Islamic Republic of Iran Broadcasting (IRIB) reported on Saturday.  

Iran’s light and heavy crude oil prices stood at $26.89 and $23.97 per barrel on average, respectively, since the beginning of this year. 

Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $29.20 per barrel on average in the week ended on February 5, with $2.30 rise from its preceding week. 

Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market now that the sanctions are being lifted against the country.

Western sanctions have cut Iran’s oil output to 2.7 million barrels per day (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/