Iran’s Heavy Crude Up $38 p/b in 2008

TEHRAN (FNA)- The average price of Iran’s heavy crude oil rose by almost $ 38 per barrel year on year, reported the March edition of the OPEC bulletin.

The report puts the average price of Iran’s heavy crude oil so far in 2008 at $87.41 p/b, indicative of a rise of $37.62 compared with the $49.79 p/b price of similar period in 2007, Iran Oil and Gas said.

According to the report, the average price of Iran’s heavy crude oil in February this year stood at $88.51 p/b, a rise of $2.15 p/b over its price in January.

The average price of OPEC basket in February reached a record high of $90.64 p/b, a rise of $2.29 over that of January.