TEHRAN- According to OPEC’s latest monthly report published on June 12, oil production in Iran stood at about 3.829 million barrels per day (bpd) in May, an increase of 6,000 bpd from 3.823 million bpd in April, 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 May reached 3.806 million bpd, a 2,000 bpd increase from 3.804 million bpd in April.
Meanwhile, the report put the country’s heavy oil price at $72.15 in May, an increase of $5.59 or 8.4 percent from $66.56 in April.
The report put average Iranian heavy crude price at $65.95 since beginning of the 2018 up to the report publishing day.
According to OPEC, oil demand in Iran decreased by about 30,000 bpd in April while the demand in other Middle Eastern neighbors like UAE and Kuwait increased.
In its previous monthly market review published in May, OPEC reported that Iran’s oil output increased by 10,000 bpd in April compared to March.
The country produced 3.813 million barrels per day of crude oil in March, the report read.

EF/MA