TEHRAN- According to OPEC’s latest monthly report published on December 12, oil production in Iran stood at 3.818 million barrels per day (bpd) in November, falling 2000 bpd from 3.820 million bpd in October, 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 November stood at 3.878 million bpd, a 68,000 bpd raise from 3.810 million bpd in October.

Meanwhile, the report put the country’s heavy oil price at $59.27 in November, an increase of $4.98 or 9.2 percent from $54.29 in October.

According to the report, the country’s year to date average heavy crude price stood at $50.93 almost $12.41 more than the figure for last year’s same time span.

The report stated that Oil demand is nevertheless expected to grow in Iran, Saudi Arabia, UAE, Kuwait, Qatar and Jordan with transportation fuels – especially gasoline – and industrial fuels – particularly diesel and residual fuel oil – playing a significant part in the overall oil demand growth for another year.

EF/MA