Iran’s oil output nears 3.7 mb/d – OPEC

Business Materials 11 November 2016 16:19 (UTC +04:00)

Baku, Azerbaijan, Nov. 11

By Emil Ilgar – Trend:

Iran increased oil output by 27,500 barrels to 3.69 million barrels per day (mb/d) in October month-to-month, OPEC reported Nov. 11.

This is while OPEC’s total output increased by 236,700 b/d to 33.643 mb/d in October.

Though the report puts Iran’s output at 3.69 mb/d according to its own estimates (secondary sources), Iran itself submitted the statistics of oil production at 3.92 mb/d, the report says.

Last month, the head of National Iranian Oil Company Ali Kardor said that OPEC put Iran’s oil output 250,000 b/d less than the real level [in the previous monthly report].

OPEC members agreed two months ago to decrease the ceiling production to 32.5-33 mb/d.

The final decision over decreasing the production level would be discussed in late November during the cartel’s meeting.

The report says that the demand for OPEC crude in 2016 is estimated to stand at 31.9 mb/d, a gain of 1.9 mb/d over last year. In 2017, demand for OPEC crude is forecast at 32.7 mb/d, an increase of 0.8 mb/d over the current year.