TEHRAN – The price for Iranian oil has witnessed an almost $12 rise in the first half of the first Iranian calendar month Farvardin (March 21-April 4) compared to the same period last year, Shana reported.

For instance, Iranian light crude was sold at $36.35 on March 25, 2016 while the commodity was traded at $47.57 on March 24, 2017 which shows an $11.22 increase year on year.

The situation is similar for the heavy crude price, Iranian heavy crude was traded at $34.18 same time last year while this year it was sold at $48.63 on March 24; this indicates an over $14 rise on year.

A deal reached on December 10 between members of the Organization of the Petroleum Exporting Countries and non-OPEC producers asserted that producers will lower output by nearly 1.8 million barrels per day (bpd) aiming to ease a global glut that has weighed on oil prices for more than two years.

Although oil markets have been experiencing some up and downs lately but due to the positive effects of the OPEC, non-OPEC pact, the current prices are still way higher than those of the same time last year.

EF/MA