Is Iran ready for $70-barrel crude oil?
OPEC oil basket price slipped to $80.64 per barrel on Nov.3 from a mid-June figure of about $108. Iran hasn't announced officially any figure for its crude oil price, but Mehr News Agency reported in late October that Iran set its oil price at $86, as opposed to an average of $104 per barrel over the past seven months. The Middle East country's yearly budget was based on $100 per barrel oil. Iran reportedly offers discounts as well as free shipping services for his customers to help restore the huge drop in oil export levels started in 2012 due to Western sanctions. Iran 's crude oil export went from 2.5 million barrels per day (mbpd) in late 2011 to 1.07m bpd in late 2013. After sanctions eased due to the interim nuclear accord obtained on November 24, 2013, Iran 's crude oil increased, mostly because of soaring the natural gas condensate exports. However, according to the Custom Administration's latest report published on Nov.3, Iran exported a b