TEHRAN, Iran, Aug. 18
Trend:
The latest monthly Oil Market Report of the Organization of Petroleum Exporting Countries (OPEC) known as MOMR shows a 28 percent increase in Iran's oil production over the past year.
Crude oil spot prices rose in July, m-o-m, as physical market fundamentals and declining oil inventories continued to support oil prices, Trend reports citing OPEC Official Website.
According to the OPEC monthly report, Iran's oil production in July last year averaged 1.9 million barrels per day, while the Iran oil production increased by 28 percent to 2.48 million in July 2021.
Iran produced an average of 1.988 barrels per day in 2020, 2.356 million bpd in 2019, 3.555 Million bpd in 2018 and 3.813 bpd in 2017, OPEC reported.
Iran produced 2.443 million barrels of oil per day in the second quarter of 2021; while producing 2.214 million barrels per day in the first quarter.
Global economic growth forecasts for both 2021 and 2022 were revised up by 0.1 pp, and hence growth for 2021 now stands at 5.6 percent, while growth in 2022 is now expected at 4.2 percent. However, the forecast for global growth continues to be impacted by uncertainties, including the spread of COVID-19 variants and the pace of the vaccine rollout worldwide.
According to OPEC, world oil demand growth expectations for 2021 remained unchanged from the previous month’s assessment. This is despite the above slight upward revision to economic growth, as the upwardly revised increment of the economic recovery is projected to be mainly in non-oil-intensive sectors. Oil demand is still estimated to increase by around 6.0 mb/d to an average of 96.6 mb/d.