Iran’s oil output decreases to 2.74 mbpd, OPEC says
Baku, Azerbaijan, Nov. 13
By Umid Niayesh - Trend:
Iran's crude oil output (excluding condensates) has decreased by 7,800 barrels per day in October compared to September and stood at 2.742 million barrels per day (mbpd).
The country's crude output has fallen by 23,000 bpd from August, the Organization of Petroleum Exporting Countries (OPEC) said in its latest monthly report released Nov. 12.
The country stood out among the OPEC countries after Saudi Arabia, Iraq, the UAE and Kuwait based on secondary sources.
The Islamic Republic's oil production is 3.01 mbpd for October according to an OPEC report based on direct communication, indicating a 268,000 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 the fifth spot.
The country's oil production has decreased by 235,000 bpd since 2012. Meanwhile, compared to the 2013 figure the country's oil output indicates an increase by 69,000 bpd.
The report also says that OPEC members' total crude oil output has fallen by about 226,400 bpd in October compared to September, reaching 30.253 mbpd.
The biggest decline in the crude production level belongs to Saudi Arabia with 69,900 bpd fall in a month, followed by Angola (66,000 bpd), Nigeria (56,300 bpd) and Kuwait (33,600 bpd).
Libya is the only member which has increased its crude output. The country's crude production raised by 59,100 bpd in October and stood at 842,000 bpd.
OPEC's major oil producer, Saudi Arabia crude oil output stood at 9.603 mbpd in October.
The OPEC Reference Basket (ORB) plunged the most in a month since June 2012 to settle at around $85/b in October, a four-year low. Since it peaked in June, the ORB lost close to $23, reflecting the ongoing pressure on outright crude oil prices.
On a monthly basis, the ORB decreased by $10.92 or 11.4 percent below September. Year-to-date, the Basket value stood at $101.79/b compared to the $105.79/b average of last year, a decline of $4.01 or 3.8 percent.
Iran's Heavy crude oil price stood at $84.61/b in October, indicating a sharp fall by $11.53 compared to the preceding month.
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.