ID :
212671
Thu, 10/13/2011 - 15:15
Auther :
Shortlink :
https://oananews.org//node/212671
The shortlink copeid
Iran September oil price hit record high: OPEC
TEHRAN,Oct.13(MNA)--Iran crude oil price in September reached 105.54 dollar, up 0.64 dollar in comparison to August, according to the OPEC’s Monthly Oil Market Report.
The average price of Iran’s heavy crude since the beginning of 2011 to end of September hit 105.8 dollars per barrel, which witnessed a 31.2 dollars growth compared to the same period of 2010, the report added.
The OPEC Reference Basket was volatile in September, moving within a wider range of around $102-$112/b as market sentiment was dominated by economic uncertainties around the globe, particularly in Europe, due to Greece’s debt problems and the fears of contagion to other countries.
On a monthly basis, the OPEC Reference Basket rose $1.29 or 1.2% in September to average $107.61/b.
All Basket components recovered in September, except Venezuelan crude Merey, which dropped a further 69¢ to average $92.78/b, the lowest since the $87.51/b of last February.
The recovery in the OPEC Reference Basket was driven essentially by Ecuador’s Oriente, which jumped $5.91 or 6.0%, as well as by light African crudes. Algeria’s Saharan Blend and Nigeria’s Bonny Light continued to benefit from the combination of stronger demand from Asian buyers and the lack of light grades as Libyan crude remained absent from the market.
African light crudes were also supported by strong refining margins in Europe. Nigeria’s Qua Iboe benchmark was assessed up to Dated Brent plus $3.90-4.10/b in late August.
However, the recovery in the OPEC Reference Basket slowed down in the second half of September where respective gains of the third and the fourth weeks of the month fell to 96¢ and 10¢.
The average price of Iran’s heavy crude since the beginning of 2011 to end of September hit 105.8 dollars per barrel, which witnessed a 31.2 dollars growth compared to the same period of 2010, the report added.
The OPEC Reference Basket was volatile in September, moving within a wider range of around $102-$112/b as market sentiment was dominated by economic uncertainties around the globe, particularly in Europe, due to Greece’s debt problems and the fears of contagion to other countries.
On a monthly basis, the OPEC Reference Basket rose $1.29 or 1.2% in September to average $107.61/b.
All Basket components recovered in September, except Venezuelan crude Merey, which dropped a further 69¢ to average $92.78/b, the lowest since the $87.51/b of last February.
The recovery in the OPEC Reference Basket was driven essentially by Ecuador’s Oriente, which jumped $5.91 or 6.0%, as well as by light African crudes. Algeria’s Saharan Blend and Nigeria’s Bonny Light continued to benefit from the combination of stronger demand from Asian buyers and the lack of light grades as Libyan crude remained absent from the market.
African light crudes were also supported by strong refining margins in Europe. Nigeria’s Qua Iboe benchmark was assessed up to Dated Brent plus $3.90-4.10/b in late August.
However, the recovery in the OPEC Reference Basket slowed down in the second half of September where respective gains of the third and the fourth weeks of the month fell to 96¢ and 10¢.
