Nioc Reduces Heavy Crude Oil Prices
Posted on: Thursday, 14 July 2005, 18:01 CDT
According to "Tehran Times", the National Iranian Oil Company (NIOC) has shifted the sale prices on all types of the heavy crude oil for its contractual clients in August, destined for Europe and Asia.The price of Iran's light crude oil, destined to Asia, would still remain the same; however, Foruzan Oilfield's heavy crude oil will see a reduction of 50 cents per barrel
. The general price reductions announced by NIOC range from 95 cents to $1.50 per barrel. The light crude oil prices will face a reduction of $1.15 per barrel for northwest Europe and $1.40 for the Mediterranean in the coming August compared to this month. Furthermore, the reduced heavy crude oil prices for the said destinations have been announced at 95 cents and $1.40 per barrel respectively. It should be noted that the NIOC always bases the prices, on all types of heavy crude oil destined for Asia, on the prices set by Dubai and Oman.Source: Info-Prod Research (Middle East)
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