TEHRAN- Iran’s light crude oil price rose $2.43 in the week ended on February 23 to settle at $62.39 per barrel, IRNA reported on Sunday.

The country’s light oil price was reported $65.72 on average since the beginning of 2018.

Iran’s heavy crude oil average price also experienced a $1.64 growth in February reaching $61.73 per barrel. 

In the mentioned week, Organization of the Petroleum Exporting Countries (OPEC)’s basket price stood at $63.09 per barrel with $1.75 increase compared to the preceding week.

Iranian oil prices rose in the mentioned week for the first time in February, supported by the shutdown of the El Feel oilfield in Libya and upbeat comments from Saudi Arabia that an OPEC-led effort to cut stockpiles is working.

The Organization of the Petroleum Exporting Countries and other producers including Russia have cut output to support prices. They hope to reduce crude inventories held by industrialized nations to their five-year average.

EF/MA