Iran sets official oil prices for January 2025

TEHRAN – The National Iranian Oil Company (NIOC) has announced its official crude oil prices for January 2025, IRNA reported.

Iran light crude will be priced at $1.35 per barrel above the base price, defined by the average of Oman/Dubai crude benchmarks, for the Asian market.

According to Iran’s Oil Ministry, the NIOC’s International Affairs Department has detailed the pricing for various grades of Iranian crude oil in January:

Iran light crude will be priced $2.70 per barrel below Brent crude in Northwest Europe and South Africa, while the price of Iran’s heavy crude will be $4.50 per barrel below Brent, and Forouzan crude will be $4.70 per barrel below Brent.

In the Mediterranean market, Iran light crude will be priced $2.60 per barrel below Brent, Iran heavy crude $4.70 per barrel below Brent, and Forouzan crude $4.60 per barrel below Brent.

For the Asian market, Iran light crude will be $1.35 per barrel above the Oman/Dubai base price, while Iran heavy crude will be $0.80 per barrel below the base price, and Forouzan crude will be $0.55 per barrel below the base price.

The NIOC’s International Affairs Department updates its official crude oil prices monthly to reflect market conditions.

EF/MA