Azeri Light price ups
The price of oil has risen on the world markets due to investors' expectations about stabilization of the situation on the market, following the statement made by Iran’s oil minister about the country's readiness to support any action for restoring the oil prices.
On the New York Stock Exchange NYMEX cost of the US Light crude oil increased $2.08 to stand at $31.20. Price of the Brent crude oil at the London ICE (InterContinental Exchange Futures) rose $2.83 to trade at $35.10.
The price of a barrel of Azeri Light crude oil increased $2.34 to stand at $34.88 on the world markets.
Earlier Russia and several OPEC members agreed to free the oil output level at the level of January output – about 21 million bpd.
Meanwhile, OPEC oil basket’s price stood at $28.18 per barrel on Feb. 17, or $1.17 less than on Feb.16, a source in OPEC told Trend.
The OPEC Reference Basket (ORB) is made up of the following oil brands: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
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