Iran oil prices up $30 per barrel in 2022: OPEC

IRNA

Latest figures by the Organization of the Petroleum Exporting Countries (OPEC) show that Iran’s crude oil prices rose by an average of over $30 per barrel year on year in 2022 while its output also increased by 7% over the same period.

OPEC figures, covered in a Wednesday report by the IRNA, showed that the average crude production by members of the organization had reached 28.885 million barrels per day (bpd) in 2022, adding that the figure was an increase of 2.542 million bpd or 9% compared with the 2021.

The figures, published in OPEC’s first monthly report of 2023, showed that the average Iranian oil production in 2022 was 2.554 million bpd, up 7% or 162,000 barrels from 2021 figures.

Iran became the fifth largest oil producer in the world in 2022, according to the figures, which indicated that Saudi Arabia was the top global oil supplier last year with 10.531 million bpd of production, followed by Iraq at 4.448 bpd, the United Arab Emirates (UAE) with 3.065 million bpd, and Kuwait with 2.705 million bpd, showed the figures.

Iran’s oil production increased by 9,000 bpd in December last year compared to November to reach 2.574 million bpd, said the OPEC report.

Congo, Equatorial Guinea, Libya and Nigeria reported oil production declines in 2022 while other nine OPEC members, including Iran, saw their output rise over the period, it added.

Iran’s oil price increased 43% or $30.12 per barrel in 2022 to an average of $99.92 per barrel in 2022.

That comes as average OPEC basket price increased $30.19, or 43%, to $100.08 per barrel last year.