TEHRAN- Iran sold light crude oil at $45.65 per barrel in the week ended on June 3, a $1.05 rise from its previous week, according to the Shana news agency.

The country’s light oil price stood at $34.94 on average since the beginning of the current Iranian calendar year (March 20, 2016).

Also, Iran sold heavy crude oil at $43.59 in the mentioned week, with $1.2 increase from its preceding week.

The country’s heavy oil price stood at $32.51 on average since the start of this calendar year.

Meanwhile, Organization of Petroleum Exporting Countries (OPEC)’s basket price was $45.29 per barrel on average in the week ended on June 3, with 64 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