TEHRAN- Iran sold its light crude oil at $41.93 per barrel in the week ended on November 11, with $1.1 drop from its previous week, Shana news agency reported.

Iran’ light oil price stood at $39.83 on average since the start of this calendar year (March 20, 2016).
The country also sold its heavy crude oil at $40.76 per barrel in the mentioned week, with $1.06 fall from its preceding week.
Iran’ heavy oil price stood at $37.81 on average since the start of current calendar year.
Meanwhile, with a $1.52 drop from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price reached $42.06 per barrel in the week ended on November 11.
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. 
Iranian Oil Minister Bijan Namdar Zanganeh after his meeting with OPEC’s secretary-general, Mohammed Barkindo, in Tehran on November 19 said he’s optimistic that the group’s members will agree to proposed production cuts at a meeting in Vienna later this month.
Zanganeh said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. 

MA/MG