Iran produced an average of 3.785 million bpd in Q2 2017.
Iran produced an average of 3.785 million bpd in Q2 2017.

Iran Crude Output Within OPEC Bounds

Iran launched 14 MW and 100 MW of renewable capacity in its last two fiscal years respectively and 800 MW of new capacity are under development

Iran Crude Output Within OPEC Bounds

Iran's crude oil production remained within the limits of an OPEC accord aimed at reducing output and easing a lingering global glut, OPEC said in its monthly report this week, citing independent sources.
The third-largest producer of the Organization of Petroleum Exporting Countries pumped an average 3.79 million barrels per day of oil last month, up 16,700 barrels a day from May and just within the bounds of the OPEC supply cut deal.
Thirteen OPEC members agreed in November to cut back collective supply by 1.2 million barrels a day to alleviate bloated inventories and lift stubbornly low prices.
Iran was allowed to produce 3.79 million bpd, close to levels it produced before international sanctions on its nuclear program dragged down the country's output to around 2.5 million daily.
The country produced 3.792 million bpd and 3.774 million bpd in April and May respectively, according to OPEC's secondary sources.
OPEC uses two sets of figures to monitor its output—figures provided by each country and secondary sources that include industry media. The country produced an average of 3.785 million bpd in the second quarter of 2017, about 11,000 barrels a day below its Q1 level, according to sources.
Total OPEC crude oil production averaged 32.61 million bpd in June, an increase of 393,000 bpd over the previous month. Output increased mostly in Libya, Nigeria, Angola, Iraq and Saudi Arabia, while production showed declines in Venezuela.
The report also said oil demand grew in Iran, Iraq, UAE and Qatar, with transportation fuels, notably jet fuel and gasoline, dominating the increase in all countries. OPEC and 11 other countries, which together had pledged to remove 1.8 million bpd from the market in the first half of this year, extended the cuts to March 2018. However, Tehran has signaled its intention to increase output before the current supply cut deal expires.
"By the end of 2017, we hope to reach about 4 million barrels per a day," Amirhossein Zamaninia, deputy oil minister for international affairs, said on the sidelines of an energy congress in Istanbul on Wednesday.
Iran's own submitted data to OPEC showed a 13,000-bpd cut in June to 3,880 million bpd from the previous month.
Zamaninia noted that the Iranian government is negotiating oil projects worth $200 billion with 27 foreign companies, including with BP, Russia's Gazprom and Lukoil, and Malaysia's Petronas, among others.

Short URL : https://goo.gl/wwtkx7
  1. https://goo.gl/1Ny7ns
  • https://goo.gl/6E7q8T
  • https://goo.gl/D8dVB6
  • https://goo.gl/qVFMXg
  • https://goo.gl/hpZBb1

You can also read ...

The agreement went through after years of on-off negotiations with the French group.
A technology licensing agreement with French company Air...
No licenses have been issued for state and semi-governmental companies to build power plants in the last four years.
The Energy Ministry has privatized over 50% of power plants in...
OPEC to Struggle With Oversupply for Years
When OPEC and Russia first embarked on clearing a global oil...
Iraq Sets Up Oil Shipping, Trading Joint Venture
OPEC member Iraq has formed a joint venture with a shipping...
NISOC Targeting 20% Rise in Recovery Rate
National Iranian South Oil Company aims to increase the...
Brent, WTI Make Gains
Oil prices edged up on Wednesday, lifted by declining US crude...
China Energy Demand to Peak in 2040
China's energy demand will peak by 2040, a decade later than...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.