TEHRAN – The average Iranian heavy crude price rose $ 29.34 in 2021 to register a 42.1% increase from the previous year, according to OPEC’s latest monthly report for the year released on Monday .

Following the ease of the impacts of the pandemic in various countries and the increasing demand for oil in the markets in 2021, the average price of Iranian heavy crude oil rose to 69.32 dollars per barrel in 2021, from 39. , $ 98 in 2020, according to the report.

According to the data provided, the country’s heavy crude price was $ 80.5 in November, down $ 2.07 from $ 82.14 in October.

The report puts Iranian crude production for November at 2.474 million barrels per day (bpd), indicating a drop of 9,000 bpd from the previous month’s figure.

Based on OPEC data, the country’s average crude production in the third quarter of 2021 was 2.482 million bpd, indicating an increase of almost 42,000 bpd from the average figure for the second quarter of the year. year.

The price of Iranian heavy crude oil had been trending upward from the start of the current year until May, then following increased production by OPEC members, oil prices fell. in June-August. Towards the end of the year, prices started to rise again.

In addition to the devastating effects of the coronavirus pandemic on the global oil industry which led to the drastic drop in oil prices in 2020, the Iranian oil industry was also under pressure from US efforts to isolate the country by reimposing sanctions.

The country has, however, increased its oil production following developments in the White House and also the recovery of global markets after the negative impacts of the coronavirus pandemic.

Earlier in February, Fitch Solutions Incorporation, a subsidiary of Fitch Ratings, which is one of the three largest credit rating agencies in the United States, forecast Iranian oil exports to grow 6.8% in 2021 if the United States was reverting to the 2015 nuclear deal.

In one of his latest reports titled “Iran Oil and Gas Report,” Fitch also saw the Islamic Republic’s crude oil exports double in 2022 compared to 2020.

“The outlook for the Iranian oil sector has improved dramatically after Joe Biden’s victory in the US presidential election on November 3. President Biden has indicated he will seek to reintegrate the United States into the Iran nuclear deal, paving the way for a further return of secondary sanctions and recovery of about 2.0 million barrels per day of oil production. The report says.

EF / MA