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Iran’s oil prices rose by $6 per barrel in August: OPEC data

OPEC figures show Iran’s oil prices were higher than average OPEC and Brent prices in August.

Latest figures by the Organization of Petroleum Exporting Countries (OPEC) show Iranian oil prices rose by an average of $6.1 per barrel in August.

OPEC figures cited in a Tuesday report by the Fars news agency showed that Iran had supplied oil to customers in August at prices that were higher than average OPEC and Brent prices.

Iranian crude oil prices rose to $87.58 per barrel in August from $81.48 reported in July, showed the data.

Average OPEC price in August was $87.33 per barrel while the price of Saudi Arabia’s light crude was $89.55, OPEC figures showed.

The data is consistent with earlier reports suggesting Iran had managed to supply record volumes of crude oil to Asian customers in August while being able to earn more from the shipments despite US sanctions. 

Experts say Iran has been offering discounts on its oil prices to encourage more purchases by Asian customers.

OPEC data showed that Iranian oil shipments had been traded at prices in August that were even higher than the price of the Brent which is a benchmark of crude prices in the international markets.

The Brent price rose by $6.05 in August compared to July to reach $86.14 per barrel, OPEC figures showed.

Data by international tanker tracking services shows Iran’s oil exports, including the exports of condensates, reached an average of nearly 2 million barrels per day (bpd) from a total output of 3.15 million bpd in August.

That comes as OPEC data, cited in a separate report by Fars on Tuesday, showed that Iran’s total oil output in August had reached 3 million bpd, up by 0.143 million bpd from July.

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