OPEC: Iran’s Oil Production Increased by 500,000 Barrels

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

OPEC in its latest monthly report released on Wednesday, April 12 on its website states that Iran’s daily oil production in April increased by approximately 500,000 barrels compared to the previous year.

Iran’s crude oil production last month, April, reached approximately 2.4 million barrels per day. The average price of Iranian crude oil in the current calendar year has also been over 60 dollars, while this figure was 41 dollars in the corresponding period of the previous year.

International statistics including oil tanker tracking companies and news agencies Reuters, Bloomberg, and Platts news agency have assessed Iran’s oil exports in recent months at between 650 to 850,000 barrels per day.

The average daily oil exports of Iran to China in the previous calendar year were assessed at 320,000 barrels. Of course, Iran also sends 30 to 50 thousand barrels of oil daily to Syria. Accordingly, this year Iran’s oil exports have more than doubled compared to the previous year.

According to Iran’s official statistics, the government’s revenue from oil exports in the previous year was 12,500 billion tomans; accordingly, only 22 percent of the budget’s oil revenues were realized. Iran had targeted daily exports of 1.5 million barrels of oil in the previous year.

Before American sanctions, Iran had daily exports of 2.5 million barrels of crude oil and gas condensates.

Source: Radio Farda