Baku, Azerbaijan, May 15
Trend:
Iran has increased its oil output in April 2018 after for second straight month, according to the OPEC data.
The country’s oil output has increased by 10,000 barrels per day month-on-month to 3.823 million barrels per day in April 2018, OPEC said in its latest monthly report.
Iran’s oil output decreased to 3.810 million barrels per day in February compared to 3.813 mb/d in January 2018.
According to the report, Iran’s April output was 12,000 b/d more than the 2017 average and 308,000 b/d more than the 2016 output.
The Islamic Republic’s oil output was 3.804 mb/d in April, according to an OPEC report based on direct communications, indicating a 19,000-barrel difference between OPEC's estimates and Iran’s data.
Iran’s heavy oil price increased by 7.1 percent or $4.41 month-on-month to $66.56 per barrel in April.
OPEC members increased their oil output by 12,100 b/d in April to 31.93 mb/d, according to the report. Higher production in Saudi Arabia and Algeria was partially offset by decreased crude oil production, mainly in Venezuela, Gabon and Nigeria.
OPEC’s top oil producer, Saudi Arabia increased its output by 46,500 barrels per day to 9.959 million barrels per day in April 2018.
The OPEC report also said that oil demand in Iran was in rise in the first quarter of 2018, with gasoline accounting for the bulk of additional volumes, while year-on-year declines were seen in other countries of the region, such as Kuwait and Qatar.