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  • 16-03-23

    Iranian Crude Oil Production, Prices Increase in February, According to OPEC Report

    (MENAFN) According to OPEC's latest monthly report, Iran's crude oil production increased by 17,000 barrels per day (bpd) in February, reaching 2.554 million bpd. The report also showed that the country's average heavy crude price was USD81.72 from the beginning of 2023 up to the report's publishing day, compared to USD89.22 in the previous year's same period. The heavy crude oil price also increased by USD0.32 in February to stand at USD81.88 per barrel. OPEC Basket prices also rose by USD0.26 to USD81.88 a barrel in the same month.

    In the fourth quarter of 2022, Iran's average crude output stood at 2.567 million barrels per day, indicating a 2,000-bpd rise compared to the figure for the third quarter of the year, according to OPEC data. Iran's oil production in 2022 increased by seven percent compared to the previous year, with the country producing 2.554 million bpd of crude oil. This was 162,000 bpd more than the figure for 2021 when the output stood at 2.392 million bpd.

    Secondary sources cited in the report put Iranian crude output for December 2022 at 2.574 million bpd, indicating a 9,000-bpd increase compared to the figure for November. In addition, the country's heavy crude oil price increased by USD30.12 in 2022, registering a 43-percent rise compared to the previous year. Iran sold its heavy crude oil at USD99.92 per barrel on average in the mentioned year, compared to 2021 when the average price was USD69.8 per barrel.

    Despite U.S. sanctions, Iran has been ramping up its oil production and exports over the past year, implementing new strategies to overcome the restrictions. According to a recent report by Reuters, Iran's oil exports have reached new highs in the last two months of 2022, making a strong start to 2023, mostly due to higher shipments to China and Venezuela.

    Overall, the OPEC report indicates that Iran's crude oil production and prices are on an upward trend, with the country continuing to pursue strategies to increase its oil exports and revenues despite the challenges posed by U.S. sanctions.

    MENAFN16032023000045014228ID1105791059

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