OPEC: Iran's oil production has increased by 500,000 barrels

The Organization of the Petroleum Exporting Countries, OPEC, has reported a significant increase in Iranian oil production for the fifth consecutive month.

OPEC, in its latest monthly report published on its website on Wednesday, May 12, says that Iran's daily oil production in April increased by almost 500,000 barrels compared to last year.

Iran's crude oil production reached about 2.4 million barrels per day last month, April. The average price of Iranian crude oil this year has also been more than $60, compared to $41 in the same period last year.

International statistics, including tanker tracking companies and Reuters, Bloomberg, and Platts, have estimated Iran's oil exports over the past months at 650,000 to 850,000 barrels per day.

Iran's average daily oil exports to China last year were estimated at 320,000 barrels. Iran also sends 30,000 to 50,000 barrels of oil to Syria daily. This means that Iran's oil exports this year have more than doubled compared to last year.

According to official Iranian statistics, the government's revenue from oil exports last year was 12.5 trillion tomans, which is only 22 percent of the budget's oil revenues. Last year, Iran had targeted daily oil exports of 1.5 million barrels.

Before US sanctions, Iran exported 2.5 million barrels of crude oil and gas condensate per day.

Source: Radio Farda