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Iran Oil Output Rises in May 2017

Source: www.gulfoilandgas.com 6/14/2017, Location: Asia

Iran produced 3.795 million barrels per day (bpd) 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.

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

Iranís 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 OPECís report.

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

It says Iranís 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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