Iran's monthly crude oil output grew by 30,000 barrels to 2.68 million barrels a day in August as the nation exported to China, India, Japan, South Korea, Turkey, the United Arab Emirates and Syria, the International Energy Agency (IEA) said during its monthly report on Sep.12.
According to the Bloomberg, IEA said that preliminary data showed total imports from Iran averaged 985,000 barrels a day in the month, an increase of almost 100,000 from July, it said.
Forecast demand for OPEC crude in the third quarter of 2013 increased by 200,000 barrels a day on higher demand, to 30.3 million barrels a day, the IEA said. Demand in the fourth quarter will slip to 29.6 million barrels as non-OPEC output rises, according to the report. Demand for the full year is unchanged from the IEA's previous report at 29.9 million barrels a day.
OPEC's "effective" spare capacity was estimated at 2.94 million barrels a day in August, compared with 3.08 million barrels in July, with Saudi Arabia holding over 75 percent of the surplus, the IEA said.
OPEC supplies about 40 percent of the world's crude and comprises Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
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