Iran Crude Prices Surge Amid Bullish Market Sentiments
Iran's crude oil prices have risen in recent weeks, mirroring bullish sentiments about a potential easing of global inventories. According to eghtesadonline.com, Iran Heavy settled at $46.12 a barrel in the week, up $1.56, while Iran's light crude settled up $1.12 to reach $46.90 per barrel.
The prices are significant ahead of a meeting between OPEC and non-OPEC members in St. Petersburg, where they will discuss extending a deal to cut output by 1.8 million barrels per day beyond March 2018 if necessary.
Saudi Energy Minister Khalid al-Falih announced that his country would limit its crude exports to 6.6 million bpd in August, almost 1 million bpd below levels of a year ago.
The move has been welcomed by markets, with Brent crude futures rising $1.01, or 2%, to $52.50 a barrel and posting the strongest weekly percentage gains this year.