TEHRAN- According to OPEC’s latest monthly report published on November 13, oil production in Iran stood at 3.823 million barrels per day (bpd) in October, falling 12,000 bpd from 3.835 million bpd in September, 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 October stood at 3.810 million bpd, a 38,000 bpd decline from 3.848 million bpd in September.

Meanwhile, the report put the country’s heavy oil price at $54.29 in October, an increase of $2.02 or 3.9 percent from $52.27 in September.

According to the report, the country’s year to date average heavy crude price stood at $50.08 almost $12 more than the figure for last year’s same time span.

The number of oil rigs in the country hasn’t changed in October and the figure was reported to stand at 61, the same number as in September.

The report stated that Iran posted a strong GDP growth of 16 percent year on year in the first quarter of 2017 since the quantities of crude oil exports soared by nearly 30 percent over the same period.

EF/MA