The increase in the price of Iranian oil

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 84 dollars and 57 cents in July, which is 92 cents equivalent to 1.1% compared to The price increased to 83 dollars and 65 cents in June and May. The average price of Iranian heavy oil since the beginning of 2024 has reached 83 dollars and 62 cents compared to 79 dollars and 84 cents in the same period of 2023.

The value of the OPEC oil basket in July reached 84 dollars and 43 cents per barrel, which increased by 1 dollar and 21 cents, equivalent to 1.5%, compared to 83 dollars and 22 cents in June. The average value of the OPEC oil basket since the beginning of 2024 has reached 83 dollars and 71 cents per barrel, which compared to 79 dollars and 56 cents in the same period last year, an increase of 4 dollars and 15 cents, equivalent to 5.2%. gives

OPEC oil production, which consists of 12 countries, reached 26.75 million barrels per day in July, an increase of 185,000 barrels per day on a month-on-month basis, according to data from OPEC secondary sources. Oil production increased in Saudi Arabia, Iraq and Iran, while it decreased in Libya.

At the same time, the total oil production of the OPEC allies in the OPEC+ group reached 14.16 million barrels per day last month, which decreased by 68 thousand barrels per day on a month-to-month basis.

Iran’s oil production in July reached 3.271 million barrels per day, with an increase of 20 thousand barrels per day.

China changed the OPEC forecast

In its latest monthly report, OPEC revised its forecast for global oil demand growth in 2024 and provided a lower estimate. Citing weaker-than-expected Chinese demand in the first half of this year and weaker expectations for China, the group revised down its expectations for demand growth next year.