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Iran top OPEC oil producer for March 2021

Business Materials 16 April 2021 16:01 (UTC +04:00)
Iran top OPEC oil producer for March 2021

TEHRAN, Iran, Apr. 16

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OPEC's latest monthly oil market report has been published on Tuesday announced that the higher OPEC oil output already as Iran, exempt from making voluntary cuts because of U.S. sanctions, pumped more in March, driving a 200,000 bpd rise in the group's output to 25.04 million bpd

Iranian heavy crude oil price followed its upward trend for the fifth consecutive month to reach $64.3 per barrel in the mentioned month, compared to February’s $60.66 per barrel, Trend reports citing OPEC's Monthly Oil Market Report.

According to the report, the Iranian heavy oil price increased by $3.64, or a 6 percent rise m-o-m on average.
The OPEC`s monthly report also assessed the countries` oil production. Based on the report`s date, Iranian crude production based on the secondary sources has been increased.

The reports said that according to secondary sources, total OPEC-13 crude oil production averaged 25.04 mb/d in March 2021, up by 0.20 mb/d m-o-m, and the crude oil output increased mainly in Iran, Angola, Libya, and Iraq while the oil output decreased primarily in Saudi Arabia.

According to the report, Iran produced over 2.304 million barrels per day in March 2021, indicating a 137,000-bpd increase compared to the figure for the previous month.

Based on OPEC data, the country’s average crude output in the first quarter of 2021 stood at 2.190 million barrels per day indicating a near 197,000-bpd rise compared to the figure for the last quarter of 2020.
OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market.

OPEC+ agreed on April 1 to ease oil output cuts gradually from May, after the new U.S. administration called on Saudi Arabia to keep energy affordable for consumers.

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