According to OPEC data, daily production by the members of
the organization also decreased by 86,000 bpd in the said month as compared to
February 2023.
In March this year, the price of Iranian heavy crude oil
registered a 3.8% decline to US$78.8 per barrel.
According to the report, the country’s average heavy crude
price was US$80.67 from the beginning of 2023 up to the report’s publishing
day, as compared to US$97.55 in the previous year’s same period.
OPEC Basket prices also declined 4.2% or US$3.43 to US$78.45
a barrel in March 2023.
Iran’s oil production in 2022 increased by 7% as compared to
the previous year, according to OPEC’s first monthly report released in 2023.
Based on the OPEC data, Iran produced 2.554 million bpd of
crude oil in 2022 that was 162,000 bpd more than the figure for 2021, when the
output was reported at 2.392 million bpd.
Citing secondary sources, the report put Iranian crude
output for December 2022 at 2.574 million bpd indicating a 9,000-bpd increase
compared to the figure for November.
The country’s heavy crude oil price also increased by US$30.12
in 2022 to register a 43% rise as compared to year 2021, according to OPEC.
Iran sold its heavy crude oil at US$99.92 per barrel on
average in the mentioned year, as compared to 2021 when the average price was US$69.8
per barrel.
In the last month of 2022, the average price of Iranian
heavy oil was reported at US$79.11, which was lesser by US$9.62 as compared to
the previous month.
