An Iranian benchmark for oil just topped $60 per barrel

8 Nov 2017   Iran, Prices

After boasting of unprecedented economic growth, Iranian state media said the situation has improved after its benchmark for oil passed $60 per barrel. Iran Heavy crude breached $60 per barrel in early Tuesday trading, trading relatively on par with the basket of crude oil grades for OPEC members. Iran’s benchmark was trading at a discount of about $1 per barrel against the Dubai benchmark, but about $3 per barrel more than the U.S. benchmark, West Texas Intermediate. The official Islamic Republic News Agency said oil prices are accelerating because of regional crises and the looming threat of violence in Nigeria. “Iran’s oil production is about 3.9 million barrels a day, including the 2.2 […]

Comments are closed.