Iran's oil prices increasing

Maria Novoselova / Vestnik Kavkaza

Iranian oil prices experienced a significant increase of $6.1 per barrel in August, according to recent data from the Organization of Petroleum Exporting Countries (OPEC).

These figures reveal that Iran supplied oil to its customers at prices higher than the average OPEC and Brent prices. In August, Iranian crude oil prices rose to $87.58 per barrel, compared to $81.48 in July.

The average OPEC price for August was $87.33 per barrel, while Saudi Arabia's light crude was priced at $89.55 per barrel. This data aligns with previous reports indicating that Iran managed to supply record volumes of crude oil to Asian customers in August, despite U.S. sanctions, and earn more from these shipments.

Experts suggest that Iran has been offering discounts on its oil prices to incentivize more purchases by Asian customers. Interestingly, the OPEC data also highlights that Iranian oil shipments in August were traded at prices even higher than the benchmark Brent price in the international markets.

© Photo :Maria Novoselova / Vestnik Kavkaza