Baku, Azerbaijan, May 10
By Emil Ilgar – Trend:
Iran’s oil output increased by 10,000 barrels per day (b/d) to 3.8 million b/d in 1Q17 compared to 4Q16, the US Energy Information Administration reported May 9.
According to the report, the figure was 3.03 million b/d in 1Q16.
The report says that OPEC’s total output decreased from 33.08 million b/d in 1Q16 to 31.92 million b/d in 1Q17 and the figure is expected to be 32.11 million b/d in 2Q17.
EIA estimated that OPEC’s output would increase to 32.86 million b/d in 3Q17 and 32.95 million b/d in 4Q17 and the growth would continue to 33.24 million b/d in 2Q18, then it would fall to 33.10 million b/d in 4Q18.
The OPEC members are preparing to meet on May 25 to extend the oil cut deal for 2H17, or even 1Q18, Reuters reported on May 9.