OPEC: Iran's monthly crude oil output declines by 10 kbpd

Photo: OPEC: Iran's monthly crude oil output declines by 10 kbpd / Economy news

Tehran, Iran, Aug. 9

By Dalga Khatinoglu - Trend:

Iran's crude oil production (excluding gas condensates and natural gas liquids) declined by 9, 800 barrels per day and stood at 2.762 million barrels per day in July, compared to June.

Iran's crude oil output increased by 86,000 bpd in 2Q14 compared to 4Q13, according to a monthly report based on secondary sources, released by OPEC Aug. 8.

Iran and the six world powers including the U.S., the U.K, France, Germany, Russia and China reached an interim nuclear deal Nov.23, 2013. The agreement entered into force Jan.20, 2014 and extended by Nov.23, 2014.

Some restrictive measures on Iran, including the United States' pressure on Iran's customers to cut more Iranian oil purchase every 180 days have stopped un accordance with the accord.

Iran produced 3.247 mbpd of oil (including the 0.4 mbpd of gas condensate and 0.1 mbpd of NGLs) in first four months of 2014, increased by 131,000 bpd, compared with that of last year, according to the U.S. Energy Information Administration's (EIA) report, published July 28.

Iran's crude oil export has increased by 0.1 mbpd in 1H14, according to the International Energy Agency's latest monthly report, published in July.

OPEC also said that in total, OPEC's crude oil production averaged 29.91 mbpd in July, according to secondary sources, up 0.17 mbpd from the previous month.

Preliminary figures indicate that the global oil supply increased by 0.08 mbpd in July to average 90.98 mbpd. Non-OPEC supply saw decline of 0.09 mbpd, while OPEC crude production increased by 0.17 mbpd.

OPEC says that the OPEC Reference Basket fell by $2.28 and stood at $105.61 per a barrel in July, compared to the previous month. Iran's heavy crude oil price decreased by -$1.24 and amounted to $106.21 in July.

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