Iran’s oil output remains unchanged at 2.765 mbpd
Baku, Azerbaijan, Oct. 11
By Umid Niayesh - Trend:
Iran's crude oil output (excluding condensates) has not changed in September compared to the preceding month and stood at 2.765 million barrels per day (mbpd) for the second month.
The country stood out among the Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia, Iraq, the UAE and Kuwait based on secondary sources, OPEC said in its latest monthly report released Oct. 10.
The Islamic Republic's oil production is three mbpd for September according to an OPEC report based on direct communication, indicating a 235,000 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 212,000 bpd since 2012. Meanwhile, compared to the 2013 figure the country's oil output indicates an increase by 92,000 bpd.
The report also says that OPEC members' total crude oil output increased by about 402,000 bpd in September compared to August, reaching 30.474 mbpd.
The biggest rise in the crude production level belongs to Libya with 250,600 bpd increase in a month, followed by Iraq with 134,500 bpd increase.
OPEC's major oil producer, Saudi Arabia crude oil output stood at 9.605 mbpd in September, showing a decrease by 50,400 bpd in comparison with August.
Iran's Heavy crude oil price stood at $96.14/b in September and indicates a sharp fall by $5.28 compared to the preceding month.
The OPEC Reference Basket (ORB) declined for a third consecutive month. The Basket dropped almost $12 or 11 percent of its value since June. Slow demand and ample supply - particularly in the Atlantic Basin and Asia - continue to be the key points pressuring the oil market.
On a monthly basis, the OPEC Reference Basket fell to an average of $95.98/b in September, down $4.77, or 4.6 percent from a month earlier. Year-to-date, the Basket was down, standing at $103.78/b compared with an average of $105.69/b a year earlier, $1.91 or 1.80 percent lower.
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.
In 2015, required OPEC crude is projected at 29.2 mbpd, representing a decrease of 0.3 mbpd from estimated 2014 level.