Iran rises oil output in July OPEC 8/12/2017

Iran rises oil output

The OPEC’s report also announced Iran’s oil output based on direct communication. It said the country’s oil production in July reached 3.9 million bpd, a 20,000 bpd decline from 3.88 million bpd in June.

Meanwhile, the report put the country’s heavy oil price at $46.01 in July, an increase of $1.39 or 3.1 percent from $44.62 in June.

Iranian crude oil exports rose by 45,000 bpd in July compared to the preceding month, Shana news agency reported on August 1, citing a report by Oil Ministry.

The report did not reveal the exact volume of exports but said “The country sent over 2.2 million bpd of crude oil to European and Asian buyers in July.”

Shipments to the Asian buyers including China, South Korea, India and Japan stood at 1.3 million bpd, it added.

In its Annual Statistical Bulletin report released in early July, OPEC said Iran’s oil exports in 2016 reached 1.921 million bpd, a 77.6 percent rise compared to 2015.

 

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