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EghtesadOnline: The price of Iranian light crude oil surpassed $53 per barrel in the week ending in February 24, according to a report released by Petroleum Ministry.

Iran’s light crude oil price rose by $1.24 in the mentioned period registering a record rise among other producing countries, IRNA reported. 

The oil price rise over the past weeks is mainly due to the commitment of OPEC and non-OPEC producers to a decision to reduce oil production. 

Also, the Iranian heavy crude rose by 42 cents reaching $53.47 per barrel. 

In their 171th general meeting in Vienna on November 30, the OPEC member-states approved oil freeze. 

Iran oil oil prices Iran oil price