Iran increases oil output – IEA
Baku, Azerbaijan, March 11
By Emil Ilgar - Trend:
Iran has increased oil production by 220,000 barrels per day in February month-to-month, said a report from the International Energy Agency (IEA), issued on March 11.
The country's oil output in February stood at 3.2 million barrels a day.
According to the IEA report, Iran increased crude oil output by 300,000 barrels per day since start of 2016.
Meanwhile, Iran's crude oil exports reached 1.4 million barrels a day in February, and the country is expected to increase this figure by 150,000 barrels per day in March, according to the IEA.
The global oil supplies eased by 180,000 barrels per day in February to 96.5 million barrels per day, on lower OPEC and non-OPEC output, the IEA said.
"But production stood 1.8 million barrels per day above a year earlier, as a slight decline in non-OPEC was more than offset by OPEC gains," added the IEA.
Non-OPEC production in 2016 is estimated to fall by 750,000 barrels per day, to 57 million barrels per day, 100,000 barrels per day less than the previous foreseen in the IEA report published in February.
The latest report also says that OPEC crude oil production eased by 90,000 barrels per day in February to a still-robust 32.61 million barrels per day with losses from Iraq, Nigeria and the United Arab Emirates, partly offset by a substantial rise in flows from post-sanctions Iran.
Saudi Arabia, OPEC's largest producer, held supplies steady.