TEHRAN- According to OPEC’s latest monthly report published on February 12, Iran’s heavy oil price reached $65.85 in January, an increase of $4.98 or 8.2 percent from $60.87 in December.

Based on the data presented, the country’s average heavy crude price stood at $51.90 in 2017.

The report also put Iran’s oil production, based on secondary sources, at 3.829 million barrels per day (bpd) in the mentioned month, 3,000 bpd less than that of December.

Iran produced 3.832 million barrels per day of crude oil in December, the report read.

The report also provided the OPEC member’s oil output based on direct communication for the first month of 2018 upon which the output stood at 3.817 million bpd, a 6,000 bpd rise compared to 3.811 million bpd in December.

The OPEC MOMR 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