Iran’s oil output increases

Business Materials 26 May 2017 11:10 (UTC +04:00)
Iran’s oil output increases

Baku, Azerbaijan, May 26

By Emil Ilgar – Trend:

Iran’s oil and gas condensate output increased by 0.6 million barrels per day (mb/d) to 4.3 mb/d in February 2017, compared to the same month of last year, US Energy Information Administration reported May 26.

According to the report, Iran’s oil output remained unchanged in February month-on-month.

Iran’s average oil output increased by 232,000 b/d and 1 b/d compared to 2016 and 2015 respectively.

The report didn’t mention the volume of crude oil and gas condensate output separately, but Iran’s crude oil production stood at 3.79 mb/d during February based on OPEC’s estimations.

Iran has obliged to keep the oil output unchanged by March 2018, based on oil cut extension deal, achieved on May 25 among OPEC members.

Extension of the deal is in favour of Iran, because the country plans to increase its oil output from new fields by 0.35 mb/d, while its oil output would decrease by 0.3 mb/d from old fields during the current fiscal year, started on March 21. In total, Iran’s oil output would stand flat.