OPEC says Iran ups oil output by 22,300 b/d
Baku, Azerbaijan, Sept. 13
By Emil Ilgar – Trend:
Iran has increased the oil output by 22,000 barrels per day to 3.653 million barrels per day (mb/d) in August, month-to-month, OPEC reported.
Iran’s crude oil output increased from 2.874 mb/d in 4Q2015, before removal of sanctions, to the mentioned volume.
The sanctions on Iran was eliminated in mid-January 2016 and allowed the country to resume its oil exports and production level.
Iran’s heavy crude oil was sold at $42.17/b in August, about 58 cents more than July, the report added.
In total, Iran’s heavy crude oil price stood at $36.6 in 8 months of 2016, while the figure was $53.29 during Jan-Aug 2015.
OPEC’s total crude oil output decreased by 23,100 b/d to 33.237 mb/d in August, compared to July.
Demand for OPEC crude in 2016 is estimated to stand at 31.7 mb/d, some 1.7 mb/d over last year, the report said. In 2017, demand for OPEC crude is forecast at 32.5 mb/d, an increase of 0.8 mb/d over the current year.