Iranian heavy oil price increased by $2.45 in January to register a 3.1-percent increase compared to December 2022, according to OPEC’s latest monthly report.
The Iranian heavy crude oil price reached $81.56 per barrel in the first month of 2023, compared to December’s $79.11 per barrel, Shana reported.
According to the report, the country’s average heavy crude price was $85.59 in 2022.
The average price of Iranian oil in the first month of 2023 registered a decrease of $4.03 compared to the same month in 2022. The price of Iranian heavy crude in the first month of 2022 was $85.59 per barrel, on average.
The report put Iranian crude output for January at 2.557 million barrels per day (mbd) indicating a 22,000 bpd decrease compared to the figure for the previous month.
Based on OPEC data, the country’s average crude output in the last quarter of 2022 stood at 2.567 mbd indicating a nearly 2,000 bpd rise compared to the average figure for the year’s third quarter.
OPEC basket price also increased $1.94 or 2.4 percent to settle at $81.62 a barrel in January from the previous month.
Iranian heavy crude oil prices had followed an upward trend from the beginning of 2022 up to June, however, following the increase in production by OPEC members and the fading of the pandemic impacts on the global economy, the prices started to fall in late 2022.
Despite the negative impacts of the U.S. sanctions, Iran has been ramping up its oil production and exports over the past few months.