TEHRAN- Iran sold light crude oil at $44.60 per barrel in the week ended on May 27, a 9-cent rise from its previous week, the IRIB news reported on Sunday.

The country’s light oil price stood at $34.5 on average since the beginning of current Iranian calendar year (March 20, 2016).

Also, Iran sold heavy crude oil at $42.39 in the mentioned week, with 6 cents increase from its preceding week.

The country’s heavy oil price stood at $32.05 on average since the start of this calendar year.

Meanwhile, Organization of Petroleum Exporting Countries (OPEC)’s basket price rose to $44.65 per barrel on average in the week ended on May 27, with 11 cents increase 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. 

In the 169th (ordinary) OPEC meeting in Vienna on June 2, Iranian Oil Minister Bijan Namdar Zanganeh announced that the Islamic Republic plans to increase oil production to 4.8 million barrels per day (bpd) in 5 years and return its pre-sanctions share of 14.5 percent in OPEC.

MA