Baku, Azerbaijan, Apr. 17
By Umid Niayesh - Trend:
While the Organization of the Petroleum Exporting Countries boosted the crude output by about 812,000 barrels per day in March, Iran's oil production decreased.
According to the Organization of the Petroleum Exporting Countries' (OPEC) monthly report, Iran's crude oil production decreased to 2.773 million barrels per day (mb/d) in March, 10,400 barrels less than the previous month.
According to this report, released April 16, Saudi Arabia increased its oil production by 346,800 b/d, while Iraq increased by 318,800 b/d in March.
Total OPEC crude oil production averaged 30.79 mb/d in March. Crude oil output increased mostly from Saudi Arabia and Iraq, while Libya saw a return of about 165,000 b/d from shut-in wells in active oil fields
The OPEC Reference Basket retreated in March by $1.60 to $52.46/b as the market refocused on the oversupply situation as demand remained subdued.
The report says that the world oil demand growth in 2014 was revised down marginally to 0.95 mb/d. For 2015, oil demand growth is anticipated to be around 1.17 mb/d.
Demand for OPEC crude is estimated at 29.0 mb/d in 2014, a decline of 0.1 mb/d from the previous assessment. In 2015, required OPEC crude is projected at 29.3 mb/d, following an upward adjustment of 0.1 mb/d.
Edited by CN