Iran sold light crude oil at $54.77 per barrel on average in the week ended on July 24, a $1.43 fall from the last week, according to the Shana News Agency.
The country sold heavy crude oil at $53.5 per barrel on average in the mentioned week, showing $1.39 drop compared to its previous week.
Iran’s light and heavy crude oil prices stood at $55.63 and $53.6 per barrel on average, respectively, since the beginning of this year.
Organization of Petroleum Exporting Countries (OPEC)’s basket price stood at $53.19 in the week ended on July 24, with $1.4 decrease from its preceding week. OPEC’s basket price was $55.12 per barrel on average since the start of current year.
Iranian Oil Minister Bijan Namdar Zanganeh said Iran can boost oil production in one week after international sanctions are lifted, and OPEC’s refusal to accommodate Iran in export markets would result in lower crude prices, Bloomberg reported on August 2.
The minister said production can increase by 500,000 barrels per day (bpd) within a week after sanctions end and by 1 million bpd within a month following that.
Oil producers such as BP Plc and Royal Dutch Shell Plc have expressed interest in developing Iran’s reserves, the world’s fourth-biggest, once sanctions are removed. Iran is organizing a conference in London in December to discuss new oil contract models with international companies. Iran had the second-biggest output in OPEC before U.S.-led sanctions banned the purchase, transport, finance and insuring of its crude began July 2012.
The country currently exports 1.3 million bpd of crude oil against 2.2 million bpd before the sanctions.
With holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.