TEHRAN- According to OPEC’s latest monthly report published on January 18, Iran’s oil production, based on secondary sources, stood at 4.405 million barrels per day (bpd) in December, up 8,000 bpd from that of November.

The country produced 4.397 million barrels per day of crude oil in November, the report read.

The OPEC’s report also put Iran’s oil output based on direct communication in the mentioned month at 3.811 million bpd, a 67,000 bpd fall from 3.878 million bpd in November.

Meanwhile, the report also presented the country’s heavy oil price to be $60.87 in December, an increase of $1.6 or 2.7 percent from $59.27 in November.

According to the report, the country’s year to date average heavy crude price stood at $51.71 almost $12.14 more than the figure for last year’s same time span.

The report stated that OPEC NGLs and non-conventional liquids output in 2017 is estimated to grow by 0.17 million bpd, averaging 6.31 million bpd, while for 2018, growth of 0.18 million bpd is forecast to average 6.49 million bpd. Production growth is expected to be mainly in Iran and Saudi Arabia.

EF/MA