TEHRAN – The price of Iran’s light crude oil stood level at $51.39 during the week ended on August 11, a range similar to the previous week, IRNA reported on Tuesday.

According to the report, the country has sold its light crude at $48.94 on average since the beginning of 2017 up to August 11.

The prices for Iranian heavy crude were reported to be $49.35 in the mentioned period, registering a 42-cent increase compared to the preceding week.

Meanwhile, with $0.31 rise from its previous week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $50.22 per barrel in the mentioned week.

OPEC’s basket price was reported $49.77 on average since the beginning of 2017 until August 11.

In line with the country’s new oil policies, alongside increasing the production, Iran is conducting new projects to make its crude oil more attractive for global oil markets.

The oil ministry is developing new technologies in crude oil mixing to make new blends suitable for different refineries all around the world.

Iran exported some 2.6 million barrels of crude oil in July.

EF/MA