Iran’s oil output continues to fall, OPEC says

Business Materials 12 September 2018 17:17 (UTC +04:00)

Baku, Azerbaijan, Sept. 12


Iran has decreased its oil output in August 2018 to 3.584 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 150,000 barrels per day month-on-month in June 2018, OPEC said in its latest monthly report released Sept. 12.

However, the country has maintained its position as the organization’s third top oil producer after Saudi Arabia and Iraq.

According to the report, Iran’s August output was 227,000 b/d less than the 2017 average and 69,000 b/d more than the 2016 output.

The Islamic Republic’s oil output was 3.806 mb/d in August, according to an OPEC report based on direct communications, indicating a 222,000-barrel difference between OPEC's estimates and Iran’s data.

Iran’s heavy oil price decreased by 1.4 percent or $0.98 month-on-month to $70.46 per barrel in August.

OPEC members increased their oil output by 278,000 b/d in August to 32.56 mb/d, according to the report. Crude oil output increased mostly in Libya, Iraq, Nigeria and Saudi Arabia, while production declined in Iran, Venezuela and Algeria.

OPEC’s top oil producer, Saudi Arabia increased its output by 38,000 barrels per day to 10.4 million barrels per day in August 2018.