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Iran's oil output breaks new record since Aug 2012 - OPEC

Oil&Gas Materials 10 February 2016 15:45 (UTC +04:00)

Baku, Azerbaijan, Feb. 10

By Dalga Khatinoglu - Trend:

Iran's oil production surpassed 2.9 million barrels per day (bpd) in January for first time since August 2012, a month after imposing western sanctions on Iran.

Iran's oil production in August 2012 was 2.817 mbpd, about 173,000 barrels per day less than the previous months.

According to OPEC's monthly report, released on Feb.10, Iran produced 2.925 million bpd in January 2016, about 38,000 barrels more than in the previous months.

On the other hand, the latest report of International Energy Agency, published Tuersday, put the figure at 2.99 million bpd.

OPEC's report says that the cartel's 13 members produced 32.335 mbpd in January, about 130,700 bpd more than December 2015.

Crude oil output increased mostly from Nigeria, Iraq, Saudi Arabia and Iran, while production showed a decrease of from Angola, Venezuela and Algeria, the report says.

Iran's heavy oil dropped by $7.66 to $24.07 per barrel in price in January month-to-month.

OPEC says oil prices slumped to an over 12-year record low during last month as the market anticipated extra Iranian exports after the lifting of sanctions.

OPEC says that in Europe, the Urals medium sour crude discount to Brent increased in January back to the record-highs witnessed during most of 2H15 as a healthy loading programme and the likely return of Iranian crude to European markets put Russia's main export grade under further pressure in Europe.

The OPEC Reference Basket (ORB) declined by around 21% to average $26.50/b in January.

The report says that the world oil demand growth in 2015 is expected to increase by 1.54 mbpd, unchanged from the previous report, to average 92.96 mbpd.

In 2016, world oil demand is expected to grow by 1.25 mbpd, representing a marginal lower adjustment of 10 tbpd from the previous forecast, to average 94.21 mbpd. Non-OECD countries will continue to contribute the bulk of oil demand growth this year.

Demand for OPEC crude in 2015 is estimated to average 29.8 mbpd, representing an increase of 0.1 mbpd over the previous year and lower by 0.1 mbpd compared to the previous report.

The global oversupply for 2015 is estimated at 2.0 mbpd. In 2016, demand for OPEC crude is expected at 31.6 mbpd, a gain of 1.8 mbpd, higher than last year.

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