Iran’s oil production stands at 3.799m bpd in June: OPEC

July 14, 2018

TEHRAN- According to OPEC’s latest monthly report published on July 11, oil production in Iran stood at about 3.799 million barrels per day (bpd) in June, falling 22,700 bpd from 3.822 million bpd in May, based on secondary sources.

The OPEC’s report also announced Iran’s oil output based on direct communication. It said the country’s oil production in June fell to 3.802 million bpd, a 4,000 bpd decrease from 3.806 million bpd in May.

Meanwhile, the report put the country’s heavy oil price at $71.69 in June, a $0.46 or 0.6 percent decrease from $72.15 in May.

The report put average Iranian heavy crude price at $66.89 since beginning of 2018 up to the report publishing day.

According to OPEC, oil demand in Iran decreased by about 30,000 bpd in April while the demand in other Middle Eastern neighbors like UAE and Kuwait increased.

In its previous monthly market review published in June, OPEC reported that Iran’s oil output increased by 6,000 bpd in May compared to April.

The country produced 3.829 million barrels per day of crude oil in May, the report read.

EF/MA

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