OPEC Oil Prices

OPEC: Iran boost oil production by 12,000 barrels in July

Tehran, Aug 11, IRNA – Iran has boosted its oil output by 12,000 battles in July as compared to the previous month (June), the Organization for Petroleum Exporting Countries (OPEC) announced on Thursday.

‘Iran’s oil output reached 3,629,000 barrels per day in July showing a 12,000 barrels rise in comparison to June,’ the OPEC said.

The OPEC released its monthly report in August.

Last month, Ministry of Petroleum announced that Iran’s light crude average prices stood at $35.99 a barrel in the year 2016.

Oil prices were fluctuating in 2016 and the prices reached up to 20 dollars a barrel, reaching 50 dollars gradually.

The oversupply provoked fall in the prices to a level below 30 dollars and now crisis in certain producing countries and a number of projecting coming to a standstill encouraged decrease in the oil supply.

After the Joint Comprehensive Plan of Action (JCPOA), Iran raised its oil exports and it reached 2.1 million barrels per day from one million bpd.

The OPEC Affairs Department of the Ministry of Petroleum said Iran’s light crude price, down by $2.06, reached $45.52 a barrel.

Iran’s heavy crude oil also fell by two dollars to 43.54 dollars a barrel. Average price for Iranian heavy crude has been 33.59 dollars a barrel this year.