Iran increases oil export by 260,000 bpd

Oil&Gas Materials 11 July 2011 11:52 (UTC +04:00)
Iran increases oil export by 260,000 bpd

Azerbaijan, Baku, July 11 /Trend/

Iran has increased oil exports by 260,000 barrels of oil per day in the past two weeks, with the country's production capacity currently hitting 4 million barrels per day, Mehr News Agency reported.

According to BP statistics, Iran's oil production volume in 2010 was 4.245 million bpd, 4.199 million bpd in 2009, and 4.327 million bpd in 2008. Earlier, the Head of the Parliament's Energy Commission Hamidreza Katuzian said that Iran's oil production decreased by 72,000 bpd compared to 2008. Iran's crude oil consumption in 2010 was 1.799 million bpd, indicating a 1 percent increase compared to 2009.

Mehr News Agency did not clarify how Iran was able to increase oil exports without increasing oil production or decreasing oil consumption.

According to Mehr News Agency's report, Saudi Arabia already increased oil exports by one million bpd, while Algeria increased exports by 77,000 bpd, Angola by 23,000, Ecuador by 66,000, Kuwait by 218,000, Nigeria by 647,000, Qatar by 79,000 and the Emirate Republic by 300,000 bpd.

The global demand for oil will increase during the second half of 2011 by 1.3 million bpd and reach 90.3 million bpd.

The International Monetary Fund (IMF) reported that total oil revenues of the member states of the Organization of Petroleum Exporting Countries (OPEC) will exceed one-trillion dollars in 2011; Iran will earn about $100 billion of that sum.

The IMF forecasts that Iran's oil income will increase by $25 billion in 2011, compared to 2010, predicted to reach $97 billion.

According to an IMF report Saudi Arabia's oil revenues will reach $324 billion in 2011. The oil revenues of other OPEC member states will also increase markedly this year.