Iran’s promise makes oil prices fall to $66

The price of Brent futures dropped by 0.27% to $66.01 per barrel at 7.20am. January futures for WTI oil dropped by 0.06% to $63.01 per barrel, RIA Novosti reports.Mohammad Sadeg, the chief analyst for oil market of the Iranian Oil Ministry, said that Iran was planning to increase oil extraction to 4.8 million barrels a day.Last week, Saudi Aramco (Saudi Arabia) granted the U.S. and Asia the highest discounts for oil in January. The discount for Asia totaled $2 per barrel, the price will reach its minimum since June 2000.Iraq, the fourth largest oil extractor of OPEC, reduced the price for Basrah Light oil by $4 for Asia, a minimum since August 2003, and by $0.30 for the U.S. The volume of oil shipped to Europe increased.

The price of Brent futures dropped by 0.27% to $66.01 per barrel at 7.20am. January futures for WTI oil dropped by 0.06% to $63.01 per barrel, RIA Novosti reports.

Mohammad Sadeg, the chief analyst for oil market of the Iranian Oil Ministry, said that Iran was planning to increase oil extraction to 4.8 million barrels a day.

Last week, Saudi Aramco (Saudi Arabia) granted the U.S. and Asia the highest discounts for oil in January. The discount for Asia totaled $2 per barrel, the price will reach its minimum since June 2000.

Iraq, the fourth largest oil extractor of OPEC, reduced the price for Basrah Light oil by $4 for Asia, a minimum since August 2003, and by $0.30 for the U.S. The volume of oil shipped to Europe increased.