Baku, Azerbaijan, June 13
By Fatih Karimov – Trend:
Iran’s oil output increased in May by 4,500 barrels per day month-on-month, to hit 3.795 million barrels per day (mb/d), OPEC reported June 13.
According to the report, Iran’s heavy oil price decreased by 4.1 percent month-on-month to $49 per barrel.
Iran’s major heavy oil price increased to $51.01 per barrel in 2017 from $32.76 per barrel in 2016.
OPEC members increased oil output by 336,000 b/d in May to 32.139 mb/d, according to the report.
Saudi Arabia was the top oil producer in OPEC with 9.94 mb/d of output, followed by Iraq (4.424 mb/d), Iran (3.795 mb/d) and the UAE (2.885 mb/d).
Demand for OPEC crude in 2016 stood at 31.8 mb/d, which is 2 mb/d higher than the 2015 level. In 2017, the demand for OPEC crude is projected at 32 mb/d.
