Iranian oil was $ 112 and produced more than 2.54 million barrels
According to the correspondent of Fars News Agency’s International Economic Group, the Organization of the Petroleum Exporting Countries, OPEC in its latest report, citing secondary sources, stated: Iran’s oil production in March 2022, equal to March 1400, reached 2 million 546 thousand barrels per day. Which has increased by 7,000 barrels per day compared to the previous month.
Iran had produced 2,539,000 barrels of oil per day in February.
According to OPEC reports, in January 2021 (the first month of the year) equal to January 1400, Iran had produced 2 million and 499 thousand barrels of oil per day.
* Iran is still in fifth place in OPEC in terms of production
In April or April 1400, Iran took over the position of the fourth OPEC oil producer from Kuwait, and from then until October 1400 (October 2021) maintained this position, but in the month November That is, in November, Kuwait’s oil production once again surpassed that of Iran, sitting in fourth place and Iran returning to 5th place.
Currently, Saudi Arabia with 10 million and 262 thousand barrels per day, Iraq with 4 million and 309 thousand barrels per day and the UAE with 2 million and 983 thousand barrels per day are the three largest oil producers in OPEC.
Kuwait is the fourth largest producer of OPEC, producing 2.639 million barrels per day.
Iran was OPEC’s third-largest oil producer after Saudi Arabia and Iraq, ahead of US sanctions in 2018.
* Average Iranian oil production in previous years
On average, Iran produced 2,392,000 barrels of oil per day in 2021 and 1,991,000 barrels per day in 2020.
Thus, in 2021, Iran produced an average of 401,000 barrels per day more oil than the previous year.
In 2019, Iran produced 2 million 356 thousand barrels per day, in 2018 3 million 553 thousand barrels per day and in 2017 3 million 813 thousand barrels per day.
Iran produced 2.472 million barrels of oil per day in the fourth quarter of 2021; This figure was 2 million 472 thousand barrels per day in the third quarter, 2 million 440 thousand barrels per day in the second quarter and 2 million 218 thousand barrels per day in the first quarter.
* Increase in OPEC oil production by 57,000 barrels
According to the report, the oil production of 13 member countries of this organization in March 2022 (March 1400) is 28 million 557 thousand barrels per day, which shows a daily increase of 57 thousand barrels compared to February. OPEC produced 28.5 million barrels of oil per day in February.
* Increase of 54,000 barrels of Saudi oil production
Saudi Arabia produced 54,000 barrels of oil per day in March, reaching 10,262,000 barrels. The country produced 10 million 208 thousand barrels per day in February.
* The largest increase in production for Saudi Arabia
The largest increase in production this month with 54,000 barrels per day belongs to Saudi Arabia, and Nigeria with 24,000 barrels per day decreased the largest.
Iran, Libya and Nigeria are exempt from the production reduction agreement.
* $ 19.36 increase in Iranian oil prices
The average price of a barrel of Iranian heavy oil in March 2022 (March 1400) with $ 19 and 36 cents or 20.8 percent increase over the previous month reached $ 112.40.
Iranian oil traded at $ 93.04 a barrel in February.
The average price of Iranian oil in the first three months of 2022 was $ 97.55 per barrel, which shows an increase of $ 37.55 compared to the same period in 2021. The average price of Iranian oil in the first three months of 2021 was $ 60 per barrel.
* Growth of $ 29 in average Iranian oil prices in 2021
Iranian oil sold an average of $ 69.80 in 2021. This is while the average price of Iranian oil in 2020 was sold at $ 40.77 per barrel, which means that the average price of Iranian oil in 2021 compared to 2020 has increased by $ 29.3 cents.
The average price of Iranian oil in 2019 is estimated at $ 61.85 per barrel.
According to the report, this figure is $ 67.97 and $ 49.60 per barrel in 2018 and 2017, respectively.
The price of Iranian oil in February 2020 had dropped by nearly $ 10. At the same time, most of the world after China was affected by the outbreak of the Covid virus.
* Increase the price of all types of OPEC oil
According to the OPEC Monthly Report, all OPEC oil prices rose in March, with Nigeria’s Bonnite Light rising the most to $ 21.92.
The average price of the OPEC oil basket in March increased by $ 19 and 53 cents compared to the previous month, reaching $ 113.48 per barrel. The figure for the OPEC oil basket in February was $ 93.95 per barrel.
OPEC oil also increased by $ 28.42 in 2021 compared to the previous year.
Saudi oil traded up $ 19, or 17 cents, at $ 112.99 a barrel.
The average price of Saudi oil in 2021 increased by $ 28.74 per barrel compared to the previous year.
Brent North Sea crude traded at an average of $ 118.75 a barrel this month, up $ 20.74 from the previous month.
US crude rose $ 16.82 a barrel to $ 108.52 a barrel.
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