OPEC: oil production in Iran surges by 37,000 bpd in November
Date
12/15/2024 6:49:27 AM
(MENAFN) Iran's oil production saw an increase of 37,000 barrels per day (bpd) in November, reaching a total of 3.323 million bpd, according to the latest report from the Organization of the petroleum Exporting Countries (OPEC). This growth occurred amidst a broader rise in OPEC's overall output. The group's 12 member countries produced a combined 26.657 million bpd in November, up by 104,000 bpd from October's production of 26.554 million bpd. Saudi Arabia remained the largest producer within the group, with 8.963 million bpd, followed by Iraq at 4.043 million bpd.
In the wider OPEC+ alliance, which includes non-OPEC members, production increased by 219,000 bpd in November, bringing the total output to 14.008 million bpd. The overall production from OPEC and its allies rose by 323,000 bpd, from 40.342 million bpd in October to 40.665 million bpd in November. Despite these increases, the price of Iran's heavy crude fell by USD1.25, or 1.7 percent, to USD72.81 per barrel in November, a decrease from October's price of USD74.06 per barrel. The average price for Iran's heavy crude for 2024 is forecasted to be USD80.30 per barrel.
OPEC's monthly report also highlighted a decline in the overall price of the OPEC basket, which fell to USD72.98 per barrel in November, reflecting a USD1.47 or 2 percent drop from the previous month. This price fluctuation underscores the ongoing volatility in global oil markets. Looking ahead, OPEC's forecast for global oil demand in 2024 has been revised upward, with a projected increase of 1.61 million bpd, bringing total demand to 104.3 million bpd. This represents an upward adjustment of 110,000 bpd from the previous month's forecast.
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