Iran’s heavy oil price drop for the second month in a row

According to Energy Press, the Organization of the Petroleum Exporting Countries (OPEC) in its monthly report on the oil market, announced that the price of a barrel of Iranian heavy oil in June reached 83 dollars and 65 cents, which is 48 cents equivalent to 0.6% compared to The price decreased to 84 dollars and 13 cents in May. The price of a barrel of Iranian heavy oil in May decreased by 4 dollars and 66 cents, equivalent to 5.2%. The average price of Iranian heavy oil since the beginning of 2024 has reached 83 dollars and 45 cents compared to 79 dollars and 58 cents in the same period of 2023.

The value of the OPEC oil basket in June reached 83 dollars and 22 cents per barrel, which decreased by 37 cents or 0.4% compared to 83 dollars and 59 cents in May. The average value of the OPEC oil basket since the beginning of 2024 has reached 83 dollars and 58 cents per barrel, which compared to 79 dollars and 32 cents in the same period last year, which is 4 dollars and 27 cents equivalent to a 5.4% increase.