Baku, Azerbaijan, June 12
Trend:
Iran has increased its oil output in May 2018 for third straight month, according to the OPEC data.
The country’s oil output has increased by 5,600 barrels per day month-on-month to 3.829 million barrels per day in May 2018, OPEC said in its latest monthly report.
According to the report, Iran’s May output was 18,000 b/d more than the 2017 average and 314,000 b/d more than the 2016 output.
The Islamic Republic’s oil output was 3.806 mb/d in May, according to an OPEC report based on direct communications, indicating a 23,000-barrel difference between OPEC's estimates and Iran’s data.
Iran’s heavy oil price increased by 8.4 percent or $5.59 month-on-month to $72.15 per barrel in May.
OPEC members increased their oil output by 35,400 b/d in May to 35.4 mb/d, according to the report. Higher production in Saudi Arabia, Algeria and Iraq was partially offset by decreased crude oil production, mainly in Nigeria, Venezuela and Libya.
OPEC’s top oil producer, Saudi Arabia increased its output by 85,500 barrels per day to 9.987 million barrels per day in May 2018.
The OPEC report also said that oil demand in Iran weakened by around 30,000 b/d during the month of April.