Iranian oil company raises prices for selling light sweet crude to Asia

The Iranian Oil Company announced an increase in the official selling price for Iranian crude Light for shipments next September, to its customers in Asia, with the increase in black crude prices globally.

Oil prices ended the trading week ending on August 12, with an increase of 3.4%, with Brent crude settling at $98.15 a barrel, according to what was monitored by the specialized energy platform.

and decided Iranian Oil Company The official selling price for light sweet crude to Asia was raised to $9.50 a barrel, above the Oman/Dubai average for September, an increase of $0.60 from the current August price of $8.90 a barrel, according to the report. 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 in the Northern European market on the basis of average price Brent crude.

Iranian oil prices

The National Iranian Oil Company decided to increase the price of heavy crude for its customers in Asia to $ 6.30 a barrel, compared to $ 5.60, an increase of $ 0.70, and also raised the price of “Foruzan” crude to $ 6.4, compared to $ 5.65, an increase of $ 0.75 a barrel, higher than the Oman average. /Dubai.

And last August, Iran raised the selling price of light oil to its customers in the country Asia markets By about $2.80 a barrel, to $8.90.

Despite the US sanctions on Tehran, Iranian oil exports are flowing in abundance to global markets, and these flows are expected to increase to compensate for the absence of Russian oil.

An oil field in Iran – archive

Earlier in July of this year (2022), the director of oil and gas production monitoring at the National Iranian Oil Company, Hormuz Qalawand, said that his country was ready to increase production to nearly 6 million barrels per day, to compensate for the absence of supplies. Russian.

Last April, the CEO of the National Oil Company of Iran, Mohsen Khojashmehr, announced that his country possesses more than 1.2 trillion barrels of oil and gas, and that it can benefit from these reserves for a period of 100 years from now.

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

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

Iranian oil exports

Last May (2022), Iran announced that the revenues from oil, gas and petrochemical exports, in the year ending March 20, 2022, amounted to $25 billion, according to information seen by the specialized energy platform.

The Iranian Oil Company recently announced its intention to invest $8 billion in the joint fields in West Karun on the Iraqi border, which includes a number of large oil fields.

Reserves are estimated Iranian oil The extractable directly and indirectly amounted to about 157 billion barrels, while natural gas reserves amount to about 33 trillion cubic meters (116.5 trillion cubic feet).

The increase in the price of Iranian crude comes a few days after Saudi Aramco announced an increase in the official selling price to Asia to…Its Arabic Lightto $9.80 a barrel above the Oman/Dubai average for September, up $0.50 from this August.

The official selling prices for Saudi crude play a major role in determining Iranian, Kuwaiti and Iraqi prices. This affects about 9 million barrels per day of crude destined for Asia.

On August 3, the alliance of oil exporting countries (OPEC +), led by the Kingdom of Saudi Arabia and Russia, decided to increase crude oil production by about 100,000 barrels per day only during next September (2022).

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