The downward trend of Iran’s heavy oil prices

According to Energy Press, the Organization of the Petroleum Exporting Countries (OPEC), in its monthly report on the oil market, announced that the price of a barrel of Iranian heavy oil reached $77.63 cents in August, which is $6.94 cents, equivalent to 8.2%. It was down from $84.57 in July. The average price of Iranian heavy oil since the beginning of 2024 has reached 82 dollars and 86 cents compared to 80 dollars and 88 cents in the same period of 2023.
The value of the OPEC oil basket in August reached 78 dollars and 41 cents per barrel, which was a monthly decrease of 6 dollars and 2 cents, equivalent to 7.1%, compared to 84 dollars and 43 cents in July. The average value of the OPEC oil basket since the beginning of 2024 has reached 83 dollars and 4 cents per barrel, which shows an increase of 2 dollars and 44 cents equivalent to 3% compared to 80 dollars and 60 cents in the same period last year.
According to OPEC secondary sources, OPEC oil production, which consists of 12 countries, reached 26.59 million barrels per day in August, which was down 197,000 barrels per day on a month-on-month basis. Oil production increased in Nigeria, Congo and Venezuela, while it decreased in Libya, Iraq and Saudi Arabia.
At the same time, the total oil production of the OPEC allies in the OPEC+ group reached 14.07 million barrels per day last month, which decreased by 108 thousand barrels per day on a month-to-month basis.