TEHRAN- According to OPEC’s latest monthly report published on March 14, Iran’s oil production, based on secondary sources, stood at 3.813 million barrels per day (bpd) in February, down 4,400 bpd from that of January.

The country produced 3.818 million barrels per day of crude oil in January, the report read.

The OPEC’s report also put Iran’s oil output based on direct communication in the mentioned month at 3.810 million bpd, near 7,000 bpd fall from 3.817 million bpd in the previous month.

The report also presented the country’s average heavy oil price to be $62.27 in February, a $3.58 or 5.4 percent from $65.85 in January.

According to the report, the country’s year to date average heavy crude price stood at $64.14 almost $12 more than the figure for last year’s same time span.

The report stated that oil demand performance was generally positive in the Middle East, based on latest available data (mainly covering December 2017 with the exception of Qatar which covers January 2018 data). Growth in oil requirements recorded positive gains in Iran, Kuwait, and UAE, while decreasing in Iraq and Qatar.

EF/MA