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

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