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Iran raises April oil prices for Asian buyers

Iran has been ramping up its oil production over the past few months following the recovery of the global markets from the negative impacts of the coronavirus pandemic and the developments in Vienna talks

Iran raises April oil prices for Asian buyers

Teheran, March 24 - Neftegaz.RU. National Iranian Oil Company (NIOC) has raised its official crude oil selling prices for Asian buyers in April, Shana reported citing the NIOC data.

As reported, NIOC has set the prices of light, heavy and Foruzan crude grades for sale in April at $4.70, $3.65, and $3.75 above the Oman / Dubai average prices, respectively.

The prices of light, heavy and Foruzan crude grades for sales in the mentioned month are also $2.5, $1.95, and $2.05 above the March prices, respectively.

Iran has priced its light, heavy, Forouzan and Soroush crude grades below the Brent prices in northwestern Europe, West Asia, and South Africa.

The signing of a new JCPOA and the subsequent removal of all sanctions against Iran would unleash the enormous oil production and export potential of the country once again, with both short-term and longer-term bearish effects on global oil prices.

Regardless of any other considerations, Iran remains a great oil power, with an estimated 157 billion barrels of proven crude oil reserves, nearly 10 % of the world’s total and 13 % of those held by OPEC.

If a comprehensive deal is reached, Iranian officials have ambitiously stated that Iran could ramp up production to reach its maximum capacity within 2 months, providing around 1.4 mb/d.
Iran’s former Minister of Petroleum Bijan Zangeneh even mentioned a production target of 6.5 mb/d.

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