Iranian Oil Prices Increase in July as OPEC Production Falls

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As the Iranian oil ministry reported. in July. the average price of Iranian crude stood at $62.65 per barrel. increasing 2.9 percent monthly. while the OPEC countries produced 29.609 million barrels of oil in the said month. registering a daily drop of 246.000 barrels compared to the preceding month.

Prices of Iranian oil was $60.88 per barrel in June. with OPEC production stood at 29.588 million barrels in the same month. the report said.

The Average of Iranian crude oil prices from the beginning of 2019 has been $63.15. i.e. $4.41 above the average prices in 2018. which was $67.56.

Saudi Arabia. Iraq and Emirates producing respectively 9.69 million barrels. 4.75 million barrels and 3.71 million barrels of crude oil are the top OPEC producers. currently.  

As the same report confirmed. in the month of July. Saudi Arabia and Iran registered the highest amount of production cut while Iraq and Algeria have experienced the highest level of production rise.