TEHRAN- Iran sold its light crude oil at $47.41 per barrel in the week ended on October 28, with $1.03 drop from its previous week, Shana news agency reported.

Iran’ light oil price stood at $39.72 on average since the start of this calendar year (March 20, 2016).

The country also sold its heavy crude oil at $46.27 per barrel in the mentioned week, with 96 cents fall from its preceding week.

Iran’ heavy oil price stood at $37.66 on average since the start of current calendar year.

Meanwhile, with a 98 cent drop from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price reached $47.44 per barrel in the week ended on October 28.

After major oil producers’ meeting in Algiers on September 28, which ended in a preliminary accord on capping OPEC members’ oil production level, crude oil prices have experienced an increase. 

As predicted, in case of a final deal to freeze oil output, international oil prices would surpass $50 and will swing up to $60. 

MA/MG