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Iran’s August oil output at 3.828m bpd

Iran’s August oil output at 3.828m bpd

TEHRAN: According to OPEC’s latest monthly report published on September 12, oil production in Iran stood at 3.828 million barrels per day (bpd) in August, falling 5,000 bpd from 3.833 million bpd in July, 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 August stood at 3.845 million bpd, a 55,000 bpd decline from 3.9 million bpd in July. Meanwhile, the report put the country’s heavy oil price at $48.7 in August, an increase of $2.69 or 5.8 percent from $46.01 in June.

According to the report, the value of Iranian heavy crude was further lifted buoyed again by an uplift in OSP offsets and supported by healthy global sour markets. The number of oil rigs in the country hasn’t changed in August and the figure was reported to stand at 61, the same number as in July. Although the OPEC monthly report did not mention oil exports, earlier in August put Iran’s crude oil exports at 2.135 million bpd in August, a 9.3 rise from its previous month citing energy data provider Kpler.