Baku, Azerbaijan, Nov. 13
By Fatih Karimov – Trend:
Iran’s oil output registered a fall in October by 11,300 barrels per day month-on-month, and stood at 3.823 million barrels per day (mb/d), OPEC said in its report on Nov. 13.
According to the report, Iran’s October oil output was 308,000 b/d more than the 2016 average and 987,000 b/d more than the 2015 output.
The Islamic Republic’s oil output was 3.810 mb/d in October, according to an OPEC report based on direct communications, indicating a 13,000-barrel difference between OPEC's estimates and Iran’s data.
According to the report, Iran’s GDP registered strong growth of 16 percent year on year, during the first quarter of 2017 on the back of sharp increase in net exports and private consumption. Net exports, which account for an average of 9 percent of GDP, accelerated by 48 percent year on year.
Investment that makes up nearly one fourth of Iran’s GDP also rose in 1Q17 by 3.1 percent year on year, whereas government consumption was nearly flat at just a 0.3 percent yearly increase. Consumer price inflation has been on a downward trend since May 2017, falling from 12.7 percent in April 2017 to 8.4 percent in October year on year.
Coming to the oil price, Iran’s heavy oil price increased by 3.9 percent or $2.02 month on month to $54.29 per barrel in October.
Iran’s heavy oil price increased to $50.08 per barrel in 2017 from $38.12 per barrel in 2016.
OPEC members decreased the oil output by 150,900 b/d in October to 32.589 mb/d, according to the report.
Crude oil output increased in Angola, Libya and Saudi Arabia, while production showed declines mainly in Iraq, Nigeria, Venezuela, Algeria and Iran.
Saudi Arabia was the top oil producer in OPEC with 10 mb/d of output, followed by Iraq (4.383 mb/d), Iran (3. 823 mb/d), the UAE (2.911 mb/d) and Kuwait (2.708 mb/d).