TEHRAN- The price of Iran’s light crude oil in the week ending February 3 experienced a $0.40 increase to reach $53.01 per barrel, IRNA reported on Saturday.

According to the report, Iran’s average light crude price stood at $52.47 since the beginning of the current year until February 3.
According to the report, Iran’s heavy oil price in the same week experienced a $0.77 growth per barrel to stand at $52.07.
Iran sold its heavy crude at $52.07 on average since the beginning of 2017.

According to Reuters, oil prices resumed their upward trend after reports that OPEC members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January.

Supply from the 11 members of the Organization of the Petroleum Exporting Countries with production targets under the deal fell to 29.92 million barrels per day, according to the average assessments of the six secondary sources OPEC uses to monitor output, or 92 percent compliance.

EF/MA