Baku, Azerbaijan, Oct. 27
By Aygun Badalova - Trend:
Iran's oil production will remain stable in the fourth quarter of 2014 at 2.8 million barrels per day, U.S. bank JP Morgan's analysts said in a report obtained by Trend.
The highest level of the country's oil production from January-October 2014 was observed in April - at 2.9 million barrels per day, the lowest - in January at 2.7 million barrels per day, said the analysts.
According to the Oil & Gas Journal, as of January 2014, Iran has an estimated 157 billion barrels of proved crude oil reserves, representing nearly 10% of the world's crude oil reserves and 13% of reserves held by the Organization of the Petroleum Exporting Countries (OPEC).
The country stood among the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, Iraq, the UAE and Kuwait.
About 70 percent of Iran's crude oil reserves are located onshore, with the remainder mostly located offshore in the Persian Gulf.
Iran's average crude oil production remained unchanged in the second and third quarters of 2014, standing at 2.8 million barrels per day.
JP Morgan's analysts predicts total OPEC oil production at 30.6 million barrels per day in the fourth quarter of this year with Saudi Arabia to produce 9.5 million barrels per day.
In September, according to analysts' estimates, OPEC production stood at 30.8 million barrels per day compared to 30.4 million barrels per day in August.