Iran’s oil output reached 3.81 mb/d in 2Q17

Baku, Azerbaijan, July 12

By Emil Ilgar– Trend:

Iran increased oil production by 100,000 barrels per day (b/d) to 3.81 mb/d in the second quarter of 2017, compared to 1Q17, the US Energy Information Administration reported.

According to the report, the average output was 3.57 mb/d in 2016, rose from 2.8 mb/d in 2015.

International sanctions on Iran was removed in January 2016, paved a way for resuming Iranian oil output to the pre-sanctions level.

OPEC crude oil production averaged 32.7 million b/d in 2016, an increase of 1.0 million b/d from 2015, led by rising production in Iran, Iraq, and, to a lesser extent, Saudi Arabia. “OPEC crude oil production is expected to fall by 0.2 million b/d in 2017, as OPEC members have limited production based on the November 2016 agreement,” the report said. In May 2017, this agreement was extended through the first quarter of 2018.

EIA’s forecast assumes a further extension of the agreement in 2018 but with lesser compliance. Without a further extension of the agreement, EIA would expect larger inventory builds in 2018 than are included in this forecast. EIA expects that OPEC crude oil output will rise by 0.5 million b/d in 2018, driven by an increase in output in Iraq.

The increase in Iraq’s production in 2018 is expected to result from production coming online that was previously scheduled for 2017.

In both 2017 and 2018, EIA expects crude oil production to increase in Libya and Nigeria, which are countries not covered by the supply reduction agreement.” In Libya, previously shut-in fields have seen rapid increases in output since the third quarter of 2016. Libya’s production reached more than 1.0 million b/d in early July”.

OPEC noncrude liquids production averaged 6.6 million b/d in 2016 and is forecast to increase by 0.4 million b/d in 2017 and by 0.2 million b/d in 2018, led by increases in Iran and Qatar, the report said.

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