TEHRAN – Iran produced 1.986 million barrels per day (bpd) of crude oil in November, registering a 39,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report published on Monday.

Based on secondary sources, Iran had produced 1.947 million bpd of crude oil in October.

The report put average Iranian crude output for the third quarter of 2020 at 1.942 million barrels per day indicating a near 7,000-bpd fall compared to the figure for the second quarter of 2020.

The country’s heavy crude oil prices also increased $2.64 in November to register a 46.6-percent rise compared to the previous month, according to the OPEC report.

Iran sold its heavy crude oil at $42.88 per barrel in the mentioned month, compared to October’s $40.24 per barrel.

The country’s average heavy crude price was $39.98 since the beginning of 2020 up to the report’s publishing date, in comparison to $61.68 in the previous year’s same period.

OPEC Basket prices also rose 6.3 percent to $42.99 a barrel in November, up $2.66 from October.

Based on the OPEC data, the cartel’s oil production increased by 707,000 barrels per day in November and the total production of the members of this organization reached 25.109 million barrels per day.

OPEC oil production in the previous month stood at 24.402 million barrels per day.

In addition to the devastating impacts of the coronavirus pandemic on the global oil industry which resulted in the drastic fall in oil prices, the Iranian oil industry has also been under pressure from the U.S. efforts to isolate the country by re-imposing sanctions.

EF/MA