Iran oil production grows in November

Iran's monthly oil production in November grew 39,000 barrels per day (bpd).

The latest OPEC monthly report shows that in November 2020, OPEC oil production increased by 707,000 barrels and the organization's total production reached 25.10 million bpd.

OPEC production in October stood at 24.40 million bpd.

In November, Libya increased its production by 656,000 barrels, the largest increase among OPEC members. The country was followed by the UAE and Iran with 75,000 barrels and 39,000 barrels of growth.

Iran's oil production reached 1,986,000 barrels in November from its previous 1,947,000 bpd in October, i.e. an increase of 39,000 barrels, the same report confirmed.

The price of Iranian heavy crude oil in November increased by $2.64 compared to October, it added.

The report informed that the price of Iranian heavy crude oil was recorded at $42.88 per barrel in November, while the figure was $40.24 in October.

The average price of Iranian heavy crude oil since the beginning of 2020 is $39.98 per barrel, it said.

Iranian Minister of Oil Bijan Zanganeh said on December 4 that Iran does not need permission to return to oil markets.

"If there are no sanctions and resources are provided to rehabilitate wells that have been reduced in production, 2.3 million barrels can be exported," said Zanganeh.

Noting that OPEC has the commitment to maintain prices, he added, "Iran does not need permission to return to the oil market because it considers it as a right."

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