Iran’s oil output surpasses 2.76 mbpd, OPEC says

Baku, Azerbaijan, Sept. 10

By Umid Niayesh - Trend:

Iran's crude oil output (excluding condensates) has increased by 14,700 barrels per day in August compared to the preceding month and stood at 2.769 million barrels per day (mbpd).

The country stood out among the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, Iraq, the UAE and Kuwait based on secondary sources, according to the latest monthly report of the OPEC, released on Sept. 10.

The Islamic Republic's oil production is 3.01 mbpd for August according to an OPEC report based on direct communication, indicating a 241,000 barrel difference between OPEC's estimates and Iran's data.

Iran ranked third, in an OPEC report on oil production in 2012 after Saudi Arabia and Iraq, however in 2013 it fell to fifth spot.

The country's oil production has decreased by 208,000 bpd since 2012. Meanwhile, compared to the 2013 figure the country's oil output indicates an increase by 96,000 bpd.

The report also says that OPEC members' total crude oil output increased by about 230,900 bpd in August compared to July, reaching 30.347 mbpd.

The biggest rise in the crude production level belongs to Libya with 112,700 bpd increase in a month, followed by Angola with 80,900 bpd increase, meanwhile Iraq's crude output witnessed the biggest fall among OPEC countries with 63,000 bpd decline.

OPEC's major oil producer, Saudi Arabia crude oil output stood at 9.857 mbpd in August, showing a decrease by 55,200 bpd in comparison with July.

Iran's Heavy crude oil price stood at $101.4/b in August and indicates a sharp fall by $4.79 compared to the preceding month.

The OPEC Reference Basket (ORB) fell by a substantial $4.86 to $100.75/b in August as a downturn in oil prices continued for a second month, amid ample supplies and weak demand.

On a year-to-date basis, the Basket was lower compared with the same period one year earlier. The Basket year-to-date value stood at $104.78/b compared with an average of $105.40/b the previous year, six cents lower.

Crude oil futures fell to their lowest levels of the year as weak underlying market fundamentals and intense speculative behavior drove down prices, according to the report.

On 9 September, the OPEC Reference Basket weakened to $96.99/b, $3.76 under the August average.


World oil demand for 2014 is expected to experience growth by some 1.05 mbpd and to reach 91.19 mbpd. World oil demand stood at 90.14 mbpd in 2013, indicating a growth of 1.05 mbpd compared to the previous year.

In 2015, world oil demand is forecast to increase by 1.19 mbpd and hit 92.38 mbpd.

The demand for OPEC crude is estimated at 29.5 mbpd in 2014, representing a decrease of 0.8 mbpd from last year level. 1Q14 and 2Q14 are estimated to show a decline of 0.9 mbpd and 1.5 mbpd respectively versus the same period last year. 3Q14 is expected to decline by 0.5 mbpd, while 4Q14 is forecast to increase by 0.2 mbpd compared to the same quarter last year.

In 2015, required OPEC crude is projected at 29.2 mbpd, representing a decrease of 0.3 mbpd from estimated 2014 level.

Edited by CN

Active supply of Turkish cement to Italy amid pandemic recorded
Active supply of Turkish cement to Italy amid pandemic recorded
Turkmen Ministry of Construction to purchase equipment from Italian company
Turkmen Ministry of Construction to purchase equipment from Italian company
E3 says Iran sanctions relief to continue beyond Sep. 20
E3 says Iran sanctions relief to continue beyond Sep. 20
Loading Bars
Active supply of Turkish cement to Italy amid pandemic recorded
Uzbekistan to include goods and services in Unified Electronic Catalog
Kazakhstan's oil & gas company opens tender to buy filter blocks
Azerbaijani Central Bank unveils number of borrowers with restructured loans
Georgia sees increase in COVID-19 cases
Production started at Uzbek gas condensate field
Japan, Uzbekistan to increase tourist flow between countries
Turkmen Ministry of Construction to purchase equipment from Italian company
Kazakhstan, Russia agree to resume mutual flights
Turkmenistan, Ukraine discuss trade, economic cooperation
Iranian currency rates for September 19
Number of coronavirus cases in Uzbekistan pass 50,000
Armenia violates ceasefire with Azerbaijan 36 times
Australia COVID-19 hotspot records fewest cases since June
Turkey summons Greek envoy over expletive headline against Erdoğan
E3 says Iran sanctions relief to continue beyond Sep. 20
Georgia sends armored medical evacuation vehicles to Indonesia
65 new COVID-19 infections reported in Kazakhstan over past day
UN, Kazakhstan intend substantially contribute to environmental resilience (INTERVIEW)
Japan's new PM Suga to meet with Pompeo in October
Chinese mainland reports 14 new imported COVID-19 cases
Brazil's COVID-19 death toll tops 135,000
French finance minister tests positive for COVID-19
Trump says he sees no reason to delay TikTok decision
Eleven more coronavirus patients die in Moscow in past day
Qatar reports 224 new COVID-19 cases, 122,917 in total
Kazakhstan's crude oil exports to India surge in 1H2020
Georgia to acquire 135 000 doses of flu vaccines in October
Istanbul introduces alternate working hours for public servants amid COVID-19 pandemic
Kazakhstan launches programming learning platform
UK PM Johnson says second wave of virus inevitable, new restrictions possible
Israel's daily new COVID-19 death cases hit record high
Iran, Russia stress promoting scientific, technological coop.
Kazakh company looking to establish medical cannabis production
Azerbaijan’s Baku to hold World Cups in three gymnastic disciplines in 2021
Georgia increases export of apples
Data on cargo movement from Albania via Turkish ports revealed
Deputy PM: 'Contract of the Century' - special among grandiose events in Azerbaijan's history
Minister: Azerbaijan - integral part of global energy security system
Spanish capital region orders partial lockdown in some COVID-hit areas
COVID-19 kills 144 more Iranians over past 24 hours
Representatives of Azerbaijani Karabakh community meet with ambassadors of several countries
Azerbaijan on Kazakhstan's list of 'safe' countries in terms of COVID-19 threat
Data on industrial production of Uzbekistan for January through August 2020
Net profit of Georgian insurance companies increases
Azerbaijan preparing proposals to develop hazelnut growth
Central Bank of Azerbaijan announces slow post-COVID economic recovery
Azerbaijan’s mining, IT companies sign tender contract
Georgian finance minister elected chairman of ADB board of governors
Baku Stock Exchange includes AzerGold's bonds in listing
Baku holds video conference entitled "Heritage of Caucasian Albania" (VIDEO)
Clients of Azerbaijan's bankrupt Standard Insurance receive compensations
Georgia continues projects of Winter resort in Gudauri
Turkish cement in great demand in Turkmenistan’s construction markets
Azerbaijani MP: Armenia's draft law on so-called "genocide" aims to deceive world community
Azerbaijani oil prices continue to grow
ENKA Renewables: Namakhvani HPP Cascade project to have substantial impact on property tax
BMB Trade Group develops project for livestock complex in Uzbekistan
U.S. current account deficit surges 52.9% in second quarter
Companies reserving capacity in IGB disclosed
Gold, silver prices in Azerbaijan rebound
Requirements to oil&gas service companies to be revised in Kazakhstan
Turkmenistan working to improve transport, customs systems
Firefighter dies in California wildfire - U.S. Forest Service
IGB to start commercial operations by July 2021
Germany to send observers for Georgia’s parliamentary elections
Iran expected to launch neobanks by 2021
S.Korean, Azerbaijani officials discuss healthcare co-op
Number of gas consumers increased in Turkmenistan’s Lebap region
Rami Levy said mulling withdrawal from Delek Israel deal
Azerbaijani economy ministry: Digitalization - important component of economic dev't
Azerbaijan confirms 135 more COVID-19 recoveries
Baku International Energy Charter Forum to be held online
Azerbaijan's oil pumping through BTC pipeline shrinks
International tourism restrictions to be canceled in Uzbekistan
Azerbaijani president congratulates president of Nepal
Sulfur production increases in Kazakhstan in Aug, 2020
Russia to invest in modernization of power generation field of Uzbekistan
Kazakhstan, Turkmenistan in talks on gas exports
Minister: Georgia moving towards period of adaptation
Average daily volume of gas production at Turkmenistan’s Uchaji field revealed
Azerbaijan Deposit Insurance Fund continues compensating depositors of closed banks
Azerbaijan raises propylene production
Georgia sees increase in hazelnuts exports
Pumps producer terminates memorandum with Kazakhstan's largest oil pipeline company
Kazakh coal extracting venture opens tender to buy vehicles
Iran's industrial production increases
French imports of leather goods from Turkey down
Georgia imports more steel from Turkey
Volume of delivered oil at Turkmenbashi Oil Refinery published
Azerbaijan unveils timeframe for commissioning road to highest mountainous village
Central Bank of Azerbaijan lowers interest rate
Azerbaijani ambassador talks Armenia's military provocation against Azerbaijan in popular US radio show
Iran and Pakistan discuss trade between border provinces
PETRONAS's upstream volumes to fall by about 4%
Ryanair cuts October capacity, blames travel restrictions
BMB Trade Group eyes to expand export products of Uzbekistan
“My Bakcell” – the ultimate solution for managing your account
EBRD to back up solar plant construction in Kazakhstan’s Karaganda
Kazakh Ministry of Ecology talks restrictions in industry sector
All news