Onwards and upwards: Iran’s oil output up to 2.8 mbpd in February
Iran's crude oil output increased by 49,700 barrels per day in February compared to the previous month, according to the latest monthly report of the Organisation of Petroleum Exporting Countries (OPEC) which was released on March 12.
Iran stood at forth place among the OPEC countries with an average crude oil production of 2.802 million barrels per day (mbpd) in February based on secondary sources, the report said.
Iran's oil production is 3.26 mbpd for February according to an OPEC report based on direct communication, indicating a 458,000 barrel difference between OPEC's estimates and Iran's alleged figure.
Iran's oil production has decreased by 171,000 bpd since 2012, meanwhile compared to the 2013 figure the country's oil output indicates an increase by 109,000 bpd. Iran ranked third in OPEC report in terms of oil production in 2012 after Saudi Arabia and Iraq, however its rank fell to fifth in 2013.
The report says that OPEC members' total crude oil output increased by about 258,600 bpd in February compared to January, reaching 30.115 mbpd.
The biggest increase in the crude production level belongs to Iraq with a 400,000 bpd increase in a month.
OPEC`s major oil producer, Saudi Arabia has decreased oil production by 101,900 bpd and reached 9.625 mbpd in February compared to January.
The OPEC Reference Basket (ORB) edged up by around 70¢ to settle slightly above $105.38/b in February as cold weather, production cuts and geopolitical factors helped to push many oil markets higher.
On a year-to-date basis, the Basket was lower compared to $110.93/b in the same month last year.
World oil demand stood at 90 mb/d in 2013, indicating a growth of 1.05 mb/d compared to the previous year. For 2014, growth is expected to be around 1.14 mb/d and to reach 91.1 mb/d.
The OPEC report says that the demand for OPEC crude in 2013 is forecast to average 30 mbpd, representing a decrease of 0.5 mb/d from 2012. For 2014, required OPEC crude is forecast at 29.7 mb/d, 0.3 mb/d less than a year earlier.