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Iran’s oil output decreased by 34.700 barrels per day in April month-on-month to 3.759 million barrels per day (mb d). OPEC reported May 11.
According to the report. Iran’s heavy oil price also decreased by 1.7 percent to $50.27 month-on-month.
However. the figure during January-April increased by more than 69 percent to 51.57 percent in average.
According to the report. OPEC members cut oil output by 18.000 b d in April.
Demand for OPEC crude in 2016 now stands at 31.8 mb d. which is 2.0 mb d higher than in the previous year. In 2017. demand for OPEC crude is projected at 31.9 mb d. around 0.2 mb d higher than in the current year.
Platts reported Mar 9 that Iran’s oil exports also decreased from 2.35 mb d in March to 2.16 million b d in April.
OPEC members are preparing to discuss the extension of oil cut deal (1.2 mb d) in 2H17. Eleven Non-OPEC producers also are expected to extend their commitment to decrease oil output by 558.000 b d.
