TEHRAN – Based on the Organization of the Petroleum Exporting Countries (OPEC)’s Monthly Oil Market Report for October 2016, Iran’s September oil production rose 21,400 barrels per day (bpd) compared to the previous month to reach 3.665 million bpd.

According to the report, the total production volume of 14 OPEC members rose by 220,100 bpd in September and stood at 33.394 million bpd.

Meanwhile, Iran’s heavy crude price fell 78 cents or 1.8 percent from Augusts’ $42.17 to stay at $41.39 in September.

The first nine months average price for Iran’s heavy crude in 2016 was reported $37.14, down $15.16 compared to the same period last year.

Also, Iran's August crude oil exports jumped 15 percent from July to more than 2 million bpd, according to a source with knowledge of its tanker loading schedule, closing in on Tehran's pre-sanctions shipment levels of five years ago.

Since a landmark nuclear deal was reached with major powers in 2015 leading to the lifting of sanctions, Iran has been planning to boost crude production and exports to the pre-sanction levels.

Earlier in August, Oil Minister Bijan Zanganeh told parliament that Iran wants to raise output to 4.6 million bpd within five years, well above pre-sanction levels of 3.8-4 million bpd.

EF/MA