TEHRAN- Iran’s light crude oil price rose $1.6 in the week ended on September 15 to settle at $54.01, Shana reported on Saturday.

The country has sold light crude at $49.31 on average since the beginning of 2017 up to the mentioned week.

Also, Iran sold its heavy crude oil at $51.60 per barrel in the said week, up 91 cents compared to its preceding week.
 
Meanwhile, with $1.14 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $52.82 per barrel in the mentioned week.

Oil prices settled up about two percent in the mentioned week despite a rise in U.S. crude inventories, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts.

After a meeting of oil ministers in Vienna, OPEC and non-OPEC ministers said they are clearing a glut that has weighed on crude prices for three years and may wait until January before deciding whether to extend their output curbs beyond the first quarter of 2018.

EF/MA