Iranian heavy crude oil price rises $1.77 per barrel in July: OPEC

Iranian heavy oil price increased $1.77 in July, according to OPEC’s latest monthly report published on Friday.

Iran sold its heavy crude oil at $62.65 per barrels in the mentioned month, registering a 2.9 percent raise compared to June’s $60.88 per barrel.

According to the report, Iran produced 2.213 million barrels per day (bpd) of oil in July, a 47,000 bpd decrease from 2.260 million bpd in the preceding month.

The report put average Iranian crude output for the Q2 2019 at 2.407 million barrels per day indicating a near 318,000-bpd fall compared to the figure for Q1 2019.

The country’s average heavy crude price was also reported to be $63.15 since beginning of 2019 up to the report’s publishing day.

Iranian oil industry has been under pressure from the U.S. efforts to isolate the country by re-imposing sanctions.

The new round of sanctions targeting Iran’s oil sector were put in action in early November 2018, and the waivers which allowed Iranian oil buyers to continue shipping in oil from the county were expired in early May.

However, Iran has been mobilizing all its resources to sell its oil in gray market, countering unjust and illegitimate U.S. sanctions.

Earlier this month, Reuters reported that despite the sanctions Iran is delivering its oil to China and some other destinations in Asia.

“China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves,” a Reuters report said.

China and other Iranian oil buyers like India have repeatedly criticized the unilateral U.S. sanctions on Iran and opposed Washington’s “long-arm” jurisdictions.

source: Tehran Times