OPEC puts Iran’s Sept. oil output at 3.447m bpd

October 12, 2018

TEHRAN- Iran produced 3.447 million barrels per day (bpd) of oil in September, a 150,000 bpd decrease from 3.597 million bpd in August, according to OPEC’s latest monthly report published on Thursday citing secondary sources.

The OPEC’s report also put Iran’s oil output based on direct communication at 3.755 million bpd, down 51,000 bpd compared to August.

Meanwhile, the country’s average heavy oil price was $75.28 in September, up $4.82 or 6.8 percent from $70.46 in August.

The report also put average Iranian heavy crude price at $68.70 since beginning of 2018 up to the report’s publishing day.

Iranian oil industry has been under pressure from the U.S. efforts to isolate the country by reimposing sanctions.

The new round of sanctions targeting Iran’s oil sector are due to be put in action on November 4.

However, in a recent report, Reuters quoted a U.S. government official as saying the Trump administration is “in the midst of an internal process” of considering waivers for countries that are reducing imports of Iranian crude.

EF/MA

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