Iran cuts oil output for second straight month

Business Materials 13 December 2017 19:44 (UTC +04:00)

Baku, Azerbaijan, Dec. 13‎

By Fatih Karimov – Trend:‎

Iran’s oil output registered a fall in November by 22,000 barrels per day month-on-month and stood at 3.818 million barrels per day (mb/d), OPEC said in its report on Dec. 13.

Iran’s crude output decreased from 3.835 mb/d in September to 3.82 mb/d in October.

According to the report, Iran’s November output was 303,000 b/d more than the 2016 average and 982,000 b/d more than the 2015 output.

The Islamic Republic’s oil output was 3.878 mb/d in November, according to an OPEC report based on direct communications, indicating a 60,000-barrel difference between OPEC's estimates and Iran’s data.

Iran’s heavy oil price increased by 9.2 percent or $4.98 month-on-month to $59.27 per barrel in November.

Iran’s heavy oil price increased to $50.93 per barrel in 2017 from $38.52 per barrel in 2016.

OPEC members decreased the oil output by 133,500 b/d in November to 32.448 mb/d, according to the report.

Crude output increased mainly in Nigeria, while production mainly declined in Angola, Saudi Arabia, Venezuela and the UAE.

Saudi Arabia was the top oil producer in OPEC with 9.996 mb/d of output, followed by Iraq (4.396 mb/d), Iran (3.818 mb/d), the UAE (2.883 mb/d) and Kuwait (2.703 mb/d).