OPEC: Iran decreases oil output
Baku, Azerbaijan, July 12
By Umid Niayesh - Trend:
Iran has decreased its oil output in June 2018 to 3.799 million barrels per day, according to the latest data released by Organization of the Petroleum Exporting Countries (OPEC).
The country’s oil output has decreased by 22,700 barrels per day month-on-month in June 2018, OPEC said in its latest monthly report released July 12.
Iran was the organization’s third top oil producer after Saudi Arabia and Iraq.
According to the report, Iran’s June output was 12,000 b/d less than the 2017 average and 284,000 b/d more than the 2016 output.
The Islamic Republic’s oil output was 3.802 mb/d in June, according to an OPEC report based on direct communications, indicating a 3,000-barrel difference between OPEC's estimates and Iran’s data.
Based on Iran’s announcement the country’s oil output in June was 4,000 barrel lower than May production.
Iran’s heavy oil price decreased by 0.6 percent or $0.46 month-on-month to $71.69 per barrel in June.
OPEC members increased their oil output by 173,400 b/d in June to 32.33 mb/d, according to the report. Crude oil output increased mostly in Saudi Arabia, Iraq, Nigeria, Kuwait and UAE, while production showed declines in Libya, Venezuela and Angola
OPEC’s top oil producer, Saudi Arabia increased its output by 405,400 barrels per day to 10.42 million barrels per day in June 2018.
The OPEC report also said that oil demand declined in Iran during the month of April 2018 for the fourth consecutive month in 2018 primarily as a result of displacement of fuel oil in power generation.
