Baku, Azerbaijan, June 13
By Umid Niayesh - Trend:
Iran's crude oil output has increased by 18,500 barrels per day in May compared to the previous month and reached 2.799 million barrels.
The country stood out among the Organization of Petroleum Exporting Countries (OPEC) countries after Saudi Arabia and Iraq based on secondary sources, according to the latest monthly report of the OPEC, which was released on June 12.
The country's oil production is 3.23 mbpd for May according to an OPEC report based on direct communication, indicating a 431,000 barrel difference between OPEC's estimates and Iran's data.
Iran ranked third, in an OPEC report on oil production in 2012 after Saudi Arabia and Iraq, however in 2013 it fell to fifth spot.
The country's oil production has decreased by 178,000 bpd since 2012, meanwhile, compared to the 2013 figure the country's oil output indicates an increase by 126,000 bpd.
Iran's Heavy crude oil price stood at $105.4/b in May, and indicates an increase of $1.08 compared to the preceding month.
The report also says that OPEC members' total crude oil output increased by about 142,300 bpd in May compared to April, reaching 29.765 mbpd.
The biggest rise in the crude production level belongs to Angola with a 57,400 bpd increase in a month, followed by Iraq and Saudi Arabia with 55,000 and 31,700 bpd increase, respectively.
OPEC's major oil producer, Saudi Arabia crude oil output stood at 9.646 mbpd in May.
The OPEC Reference Basket (ORB) increased by $1.17 to $105.44/barrel in May, amid a firmed crude oil market and as escalating violence in Ukraine exacerbated supply concerns.
On a year-to-date basis, the Basket was lower compared to the same period last year. The ORB year-to-date value stood at $104.79/b compared to the $105.85/b average of last year, $1.24 or 1.17 percent lower.
World oil demand for 2014 is expected to experience growth by some 1.14 mbpd and to reach 91.14 mbpd. World oil demand stood at 90.01 mbpd in 2013, indicating a growth of 1.05 mbpd compared to the previous year.
The OPEC report says that the demand for OPEC crude in 2014 is forecast at 29.7 mbpd, 0.4 mbpd less than a year earlier. For 2013 required OPEC crude stood at 30.1 mbpd, representing a decrease of 0.4 mbpd from 2012.
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