Iran ups oil output by 50,200 b/d amid OPEC cut

Baku, Azerbaijan, Feb. 13

By Dalga Khatinoglu – Trend:

Iran increased oil output in January 2017 by 50,200 barrels per day (b/d) to 3.775 mb/d compared to December 2016, OPEC reported Feb. 13.

This is while OPEC members decreased oil production by 890,200 b/d to 32.139 mb/d in January, according to the report.

Saudi Arabia decreased the output by 496,200 b/d.

The report says Iran’s heavy oil price increased by 1 percent to $51.9 in January 2017 as compared to December 2016.

This price is about $27.83 more than in January 2016.

As for the “direct communication” statistics of OPEC, that is, Iran’s official statistics submitted to OPEC, the country’s oil output for January was at 3.92 mb/d.

Under the oil cut deal, achieved on November 30, 2016, Iran is allowed to increase its oil output by 90,000 b/d to 3.979 mb/d in 1H17.

Eleven OPEC countries also obliged to decrease the oil output by 1.2 mb/d to 32.5 mb/d.

Nigeria and Libya aren’t included to the deal.

OPEC says the demand for its crude in 2016 averaged 31.3 mb/d, an increase of 1.8 mb/d over the previous year.

In 2017, demand for OPEC crude is projected to average 32.1 mb/d, around 0.8 mb/d higher than last year.

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