OPEC said that the price of Iran’s heavy crude oil in April 2024 increased for the fourth consecutive month.
It said the price of each barrel of Iran’s heavy crude oil in April 2024 reached $88.79, showing a 6.4 percent hike compared to a month earlier.
OPEC put the price of each barrel of Iran’s heavy crude oil in March 2024 at $83.48.
The average price of Iran’s heavy crude oil has reached $83.21 since the beginning of the current year.
Oil production by OPEC member states, which is comprised of 12 countries, reached 26.58 million barrels of oil per day (bpd) in April 2024.
In this period, the oil production volume both in Iran and Congo increased while the crude oil output decreased in Nigeria, Iraq and Venezuela.
The oil production volume in Iran reached 3.212 million bpd in April 2024, showing a 14,000 barrel hike.
The oil production volume by non-OPEC members in the OPEC plus group reached 14.44 million barrels per day (bpd) in April 2024.