Baku, Azerbaijan, Apr. 14
By Emil Ilgar - Trend:
Iran has increased the crude oil output by 400,000 barrels per day since the start of 2016, the International Energy Agency reported on April 14.
According to the report, Iran's oil production level reached to 3.3 million barrels per day.
Iran had announced late 2015 that it would add 0.5 million barrels per day (mb/d) of crude oil to the production level as soon as the international sanctions on the country be eliminated and the same amount of crude oil would be added to the output level in the second half of 2016.
The sanctions was lifted in mid-January 2016 after implementation of the comprehensive nuclear deal between Tehran and the P5+1 Group, including US, UK, France, Russia, China and Germany.
According to the report, the growth in global oil demand will ease to around 1.2 mb/d in 2016, below the 1.8 mb/d expansion of last year.
"Global oil supplies sank by 0.3 mb/d in March to 96.1 mb/d, with annual gains shrinking to 0.2 mb/d, from 1.7 mb/d a month earlier and 2.7 mb/d a year earlier," the report said.
IEA added that OPEC crude oil production fell by 90 kb/d in March to 32.47 mb/d as ongoing outages in Nigeria, the United Arab Emirates and Iraq more than offset a further increase from Iran and higher flows from Angola. Supply from Saudi Arabia dipped in March but held near 10.2 mb/d.