The OPEC report added that Iran’s oil production rose by 35,000 barrels per day to 2.12 million bpd in February, adding that the country’s heavy crude oil price also grew in February from $6.28 to $60.66 per barrel.
According to the report, OPEC crude oil production in February dropped by 647,000 bpd month-over-month to an average 24.85 million bpd.
Saudi Arabia had the biggest cut (930,000 bpd) among the OPEC producers. On the other hand, Iraq rose output by 59,000 bpd, becoming the second-biggest OPEC producer with a total of 3.9 million bpd.
A relevant data published by OPEC in January showed that Iran had continued its push toward retaining the oil market share as the country added more barrels to its daily production in January compared to the month before.
Iran’s crude oil output averaged 2.08 million barrels per day in December, an increase of 62,000 bpd from December 2020, OPEC said in its monthly report.