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Iran crude output remains unchanged, price fall by 14%

Business Materials 10 December 2014 16:02 (UTC +04:00)

Baku, Azerbaijan, Dec. 10

By Umid Niayesh - Trend:

Iran's crude oil output (excluding condensates) remained unchanged in November compared to October and stood at 2.75 million barrels per day (mbpd).

The country's crude output has fallen by 4,000 bpd from September, the Organization of Petroleum Exporting Countries (OPEC) said in its latest monthly report released Dec. 10.

The country ranked third among the OPEC countries after Saudi Arabia and Iraq based on secondary sources. Iran's place has increased by two steps compared to preceding month as a result of output decline by Kuwait and the UAE.

The Islamic Republic's oil production is three mbpd for November according to an OPEC report based on direct communication, indicating a 250,000 barrel difference between OPEC's estimates and Iran's data.

Iran stood at third place, in an OPEC report on oil production in 2012 after Saudi Arabia and Iraq, however in 2013 it fell to the fifth spot.

The country's oil production has decreased by 227,000 bpd since 2012. Meanwhile, compared to the 2013 figure the country's oil output indicates an increase by 77,000 bpd.

The report also says that OPEC members' total crude oil output has fallen by about 390,100 bpd in November compared to October, reaching 30.053 mbpd.

The biggest decline in the crude production level belongs to Libya with 248,300 bpd fall in a month, followed by Saudi Arabia (60,100 bpd), Kuwait (59,400 bpd) and Angola (41,800 bpd).

It is while Iraq has increased its crude output by 50,800 to 3.359 mbpd in November.

OPEC's major oil producer, Saudi Arabia crude oil output stood at 9.59 mbpd in November.

Iran's Heavy crude oil price stood at $74.46/b in November, indicating a sharp fall by $10.15 or 13.63 percent compared to the preceding month.

The OPEC Reference Basket (ORB) finished down 11 percent for November, the fifth straight month of declines. This is its longest losing streak since the 2008 financial crisis. Since June, the ORB has given up about 30 percent of its value, falling from around $108/b. In November, the ORB dropped $9.49 to $75.57/b and its year-to-date value was down to $99.57/b.

World oil demand for 2014 is expected to experience growth by some 0.93 mbpd and to reach 91.13 mbpd. World oil demand stood at 90.14 mbpd in 2013, indicating a growth of 1.05 mbpd compared to the previous year.

In 2015, world oil demand is forecast to increase by 1.12 mbpd and hit 92.26 mbpd.

The demand for OPEC crude is estimated at 29.4 mbpd in 2014, representing a decrease of one mbpd from last year level.

In 2015, required OPEC crude is projected at 28.9 mbpd, representing a decrease of 0.4 mbpd from estimated 2014 level.

Umid Niayesh is Trend Agency's staff journalist, follow him on Twitter: @UmidNiayesh

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