OPEC Oil Prices

Iran’s Jan. oil output, price down – OPEC

OPEC figures show drops in output and price of Iranian oil for January 2015.

OPEC figures show drops in output and price of Iranian oil for January 2015.

Latest figures released by the Organization of Petroleum Exporting Countries (OPEC) on Monday show that Iran produced 2.75 million barrels of oil per day (mb/d) in January.

OPEC said in its Monthly Oil Market Report for February that Iran’s total crude production over past month had registered a major drop of 25,000 barrels per day compared to December 2014.

The drop was the third highest after Iraq (279,000 bpd) and Libya (131,000 bpd).

Nevertheless, figures show that Iran’s average oil production over 2014 rose by 93,000 bpd and stood at 2.76 mb/d.

Among OPEC members, Angola had the highest increase in its January production.  The African nation saw its oil output rise by 122,000 bpd over the month to reach 1.77 mb/d.

Angola was followed by Kuwait, Nigeria and Saudi Arabia that have registered increases of 77,000 bpd, 44,000 bpd and 93,000 bpd, respectively.

Other figures released in OPEC’s report show that the average price for Iran’s heavy crude oil for January stood at $42.84 per barrels. The figure shows a decrease of $16 compared to the average price for December – the highest drop in price among the crude of all OPEC member states.

The Organization also says the average price of Iranian oil for 2014 stood at $104.89 per barrel.. It said the average price of Iranian oil for 2015 is expected to stay around $42.84 per barrel.

By Press TV