Oil production in Iran drops 29,000 bpd in March: OPEC

TEHRANIran’s oil output stood at 3.79 million barrels per day (bpd) in March, with 29,000 bpd drop from 3.819 million bpd in February, the Organization of the Petroleum Exporting Countries (OPEC) announced in its monthly report released on April 12.

The report also indicates that OPEC’s output has fallen to 31.928 million bpd in March from 32.81 million bpd in February.

Iran’s oil production stood at 3.795 million bpd in the first quarter of 2017, rising from 3.735 million bpd in its previous quarter, according to the OPEC’s report.

The report also put the country’s heavy oil price at $50.27 in March, dropping from $53.16 in February.

It says Iran’s heavy crude price has been $51.71 on average since the beginning of 2017, while the figure was $28.41 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.

Although oil markets have been experiencing some up and downs lately but due to the positive effects of the OPEC, non-OPEC pact, the current prices are still way higher than those of the same time last year.

MA/MG

Source: tehrantimes.com

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