TEHRAN – Iran sold light crude oil at $29.56 per barrel on average in the week ended on February 19, a $3.30 rise compared to its preceding week.

The country sold heavy crude oil at $27.6 per barrel on average in the mentioned week, showing $3.43 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 $27.26 and $24.43 per barrel on average, respectively, since the beginning of this year.  

Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $29.02 per barrel on average in the week ended on February 19, with $1.98 rise from its preceding week.  

In a radio interview on February 20, Mohsen Qamsari, director general for international affairs of the National Iranian Oil Company, said Iran expects to be able to increase its oil exports by 160,000 barrels per day (bpd) in March with sales to Eastern Europe on the agenda.

The official said Iran is exporting around 1.4 million bpd of oil in February and expects the figure to rise to 1.56 million bpd in March.

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. 

“As we had promised, we managed to increase our exports by 500,000 bpd shortly after the lifting of sanctions,” Qamsari noted. 

“Selling crude oil to our traditional buyers in Europe is underway,” he said, adding that several consignments of crude oil will be exported to Europe in the near future. 

With holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.    

MA/