Baku, Azerbaijan, May 11
By Fatih Karimov - Trend:
Iran's oil production stood at 3.03 million barrels per day (mb/d) during the first quarter of 2016, showing 230,000 b/d increase in comparison to 2015, the US Energy Information Administration (EIA) said in a report.
The Islamic Republic's oil output experienced the most output increase among the OPEC countries, EIA said in its latest Short-Term Energy Outlook (STEO) report published May 10.
The report doesn't include the gas condensate (a kind of ultra-light crude oil, produced in gas fields) production volumes.
Saudi Arabia, by producing 9.97 mb/d of oil in the first quarter of 2016, ranked first among OPEC member countries in terms of crude production, followed by Iraq with 4.29 mb/d. Iran was third crude producer of the OPEC.
The EIA estimates that OPEC crude oil production averaged 32.43 mb/d in 2016, indicating some 880,000 b/d rise compared to 31.55 mb/d in 2015.
The administration also forecasted that OPEC's crude oil output will reach 33.09 mb/d in 2017.
The figure for the first three months of 2016 amounted for 31.56 mb/d.
EIA estimates that OPEC produced 6.6 mb/d of non-crude oil liquids in 2015. OPEC non-crude liquids production is expected to increase by 0.3 mb/d in both 2016 and 2017, led by increases in Iran and Qatar.