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Iran's oil output hits 3.237 mbpd

Business Materials 31 January 2015 15:14 (UTC +04:00)

Baku, Azerbaijan, Jan. 31

By Umid Niayesh - Trend:

The US Energy Information Administration (EIA) reported that Iran's crude oil output, including condensates and natural gas plant liquids (NGPL) stood at 3.237 million barrels per day (mbpd) during the first ten months of 2014.

The figure indicates an increase by 132,000 bpd compared to the same period of 2013, making Iran third crude producer among the Organization of Petroleum Exporting Countries (OPEC), EIA said in its Monthly Energy Review report published Jan. 28.

However the output is 201,000 bpd less compared the 10-month period of 2012.

Iran's crude oil production, which reached a peak of 6.1 mbpd in 1974, has been well below that level since 1979.

After averaging an estimated 3.9 mbpd from 2001 to 2010, Iran's production has continued declining, to an estimated 3.387 mbpd in 2012, and 3.113 mbpd in 2013, according to the EIA's report.

A series of international sanctions targeting Iran's oil sector have led foreign companies to cancel a number of new projects and upgrades of existing projects.

Iran also faces continued depletion of its production capacity, as its fields have relatively high natural decline rates (between 8 percent and 13 percent per year), the EIA's International Energy Outlook 2014 report said.

Saudi Arabia, by producing 9.754 mbpd of oil in the 10-month period of 2014, ranked first among OPEC member countries in terms of crude production, followed by Iraq with 3.321 mbpd.

The total output of OPEC during the first ten months of 2014 amounted to 32.233 mbpd, indicating a decline of 193,000 bpd year on year.

Iran's crude oil production (million barrels per day) in ten months

January

February

March

April

May

June

July

August

September

October

Average

2012

3.85

3.80

3.75

3.60

3.52

3.35

3.20

3.13

3.17

3.01

3.438

2013

3.09

3.12

3.14

3.12

3.06

3.11

3.13

3.1

3.06

3.13

3.105

2014

3.27

3.26

3.23

3.23

3.23

3.23

3.23

3.23

3.23

3.23

3.237

Iran, with 157 billion barrels, holds the world's fourth-largest proved crude oil reserves and the world's second-largest natural gas reserves (33.78 trillion cubic meters).

Follow the author on Twitter: @UmidNiayesh

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