Iran raises August light crude price to Asia
Iran has set the official selling price (OSP) of its Iranian Light crude oil grade for Asian buyers at $3.15 a barrel above the Oman/Dubai average for August, an industry source with knowledge of the matter said on Monday.
The June price is up 15 cents from the previous month, Reuters reported.
According to the country’s Seventh Economic Plan (2023-27), Iran’s oil production capacity will reach from 3,838,000 barrels of oil per day (bpd) to 4,450,000 bpd when the plan gets fully implemented. Hence, Iran’s oil production volume will witness a 16-percent hike in this period.
The Iranian Oil Ministry believes that the oil production capacity is a bargaining tool in both political and economic relations.
When President Ebrahim Raisi took office in August 2021, Iran managed to increase its oil production capacity to 3,838,000 bpd, which is more than that of the pre-sanctions period in spite of the tough sanctions imposed against the country.
Iran’s proven oil production capacity will reach 4,250,000 bpd while gas condensate production will hit 804,000 barrels per day.