June 7, 2023

Dubai Week

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Iranian Oil Company has raised the price of light sweet crude for Asia

Iranian Oil Company has raised the official selling price For Iranian crude oil A light for exports next September is rising global crude prices for customers in Asia.

Oil prices ended the trading week ending Aug. 12 with a 3.4% gain, with Brent crude at $98.15 a barrel, tracked by the Specialized Energy Platform.

And the end Iranian Oil Company The official selling price for light sweet crude for Asia was raised to $9.50 a barrel, up $0.60 from the Oman/Dubai average for September and up $0.60 from the current August price of $8.90 a barrel, the report said. Reuters.

The average price of Oman and Dubai crude oil is the reference price for crude oil in the West Asian region, while the average price of crude oil is Iranian oil Light on the Northern European market based on average price Brent is crude.

Iranian oil price

National Iranian Oil Company decided to increase the price of heavy crude oil for its customers in Asia to $ 6.30 per barrel, compared to $ 0.70 compared to $ 5.60, and the price of “Foruzan” crude oil to $ 6.4. At $5.65, a barrel increased by $0.75, well above the Oman average. /Dubai.

Last August, Iran raised the selling price of light oil to its customers in the country Asian markets About $2.80, $8.90 a barrel.

Despite U.S. sanctions on Tehran, Iranian oil exports flow abundantly to global markets, and these flows are expected to increase to compensate for the absence of Russian oil.

An oil field in Iran – archive

In July of this year (2022), the director of oil and gas production monitoring at the National Iranian Oil Company, Hormuz Galavant, said his country was ready to increase production by nearly 6 million barrels per day to compensate for the shortfall. Russian.

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Last April, the CEO of Iran’s National Oil Company, Mohsen Khojashmehr, announced that his country has more than 1.2 trillion barrels of oil and gas and could benefit from these reserves for the next 100 years.

The current refining capacity in Iran, including crude oil and gas condensate, is about 2.2 million barrels per day, and plans to increase this capacity to 3.5 million barrels per day to meet domestic and export demand.

In late 2021, Iran adopted a plan aimed at increasing oil refining capacity to 3.5 million barrels per day within 5 years.

Iranian oil exports

Last May (2022), Iran reported $25 billion in revenue from oil, gas and petrochemical exports in the year ending March 20, 2022, according to data seen by the Special Energy Site.

The Iranian Oil Company recently announced plans to invest $8 billion in joint fields in West Karun, bordering Iraq, which include several large oil fields.

Stock is estimated Iranian oil Extractable direct and indirect reserves are about 157 billion barrels, while natural gas reserves are about 33 trillion cubic meters (116.5 trillion cubic feet).

Iranian crude oil prices rose days after Saudi Aramco announced it had raised its official selling price to Asia.Its Arabic lightThe Oman/Dubai average for September was $9.80 a barrel, up $0.50 from this August.

The official selling price for Saudi Arabian crude plays an important role in determining the prices of Iran, Kuwait and Iraq. This affects about 9 million barrels per day of crude oil shipped to Asia.

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On August 3, the Organization of the Petroleum Exporting Countries (OPEC+), led by Saudi Arabia and Russia, decided to increase crude oil production by around 100,000 barrels per day until next September (2022) alone.

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