|Iran’s May crude oil price up $1.08: OPEC||
TEHRAN – Iran sold crude oil at $105.40 per barrel in May, a $1.08 rise compared to April, the Organization of Petroleum Exporting Countries (OPEC) said in its latest report.
The country’s crude oil price was $104.72 on average during the first five months of 2014, the report added.
Iran's crude oil exports increased in May after a decline in April, according to sources who track tanker movements, moving above the level allowed by November's interim deal on Tehran's nuclear program.
The increase appears to be led by higher sales to China in particular.
Iran's exports have averaged 1.38 million barrels per day (bpd) in May. That represents an increase from 1.1 million bpd in April, as estimated by the International Energy Agency.
Iran’s Oil Minister Bijan Namdar Zanganeh has set an output target of 5.7 million bpd of crude by 2018, according to official statements. The latest figures produced by OPEC show that Iran is currently pumping about 3 million bpd of crude.
Total OPEC crude oil production averaged 29.76 million bpd in May, an increase of 142 thousand bpd over the previous month, according to secondary sources.
Crude oil output increased from Angola, Iraq, Saudi Arabia, Iran, UAE, Nigeria, and Ecuador, while production decreased in Libya, Kuwait, and Algeria.
Preliminary data indicates that global oil supply increased by 0.20 million bpd to average 90.99 million bpd in May 2014 compared with the previous month. The increase in May came from non-OPEC supply and OPEC production. The share of OPEC crude oil in total global production stands at 32.7 percent in May.
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