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Iran oil output rises in May: OPEC

Iran produced 3.795 million barrels per day of oil in May, an increase of 4,000 bpd from 3.791 million bpd in April, the Organization of the Petroleum Exporting Countries (OPEC) announced in its monthly report released on Tuesday.

Iran oil output rises in May: OPEC
(Saturday, June 24, 2017) 00:43

The report also indicates that OPEC’s output has risen to 32.139 million bpd in May from 31.803 million bpd in April.

Iran’s oil production stood at 3.796 million bpd in the first quarter of 2017, rising from 3.741 million bpd in its previous quarter, according to the OPEC’s report.

The report also put the country’s heavy oil price at $49 in May, dropping from $51.12 in April.

It says Iran’s heavy crude price has been $51.01 on average since the beginning of 2017, while the figure was $32.76 in the same period of time in the past year.

A deal reached last December between OPEC members and non-OPEC producers asserted that producers will lower output by nearly 1.8 million bpd aiming to ease a global glut that has weighed on oil prices for more than two years.

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