Baku, Azerbaijan, June 13
By Emil Ilgar - Trend:
Iran's crude oil output reached 3.562 million barrels per day (mb/d) in May, which is even more than the pre-sanctions level, OPEC reported June 13.
According to an OPEC monthly report, released June 13, Iran increased the crude production by 89,200 barrels per day month-to-month in May, which is the highest level since December 2011.
Western countries imposed sanctions on Iran in 2012, which led to the decline in Iran's oil production to 2.778 mb/d in 2014.
The sanctions on Iran were eliminated in January 2016 after implementation of the nuclear agreement (JCPOA).
According to the OPEC report, Iran's heavy oil price increased by $5.02 to $41.67 per barrel in May, compared to April.
Despite the increase in Iran's oil output, OPEC's total output decreased by 99,800 barrels per day to 32.361 mb/d due to production drop in Nigeria (251,400 b/d), Libya (52,000 b/d), Iraq (60,000 b/d), Venezuela (69,000 b/d) and the slight decline in Algeria's and Angola's output.
All of the other members of OPEC increased the production in May.
