Iran News ...


09/13/10

Iran's oil output falls by 15,000 bpd

Source: Press TV

Iran's oil production has decreased by around 15,000 barrels per day (bpd) in August, the Organization of the Petroleum Exporting Countries (OPEC) says.


historical photo of an oil well in Iran

OPEC, in its monthly oil market report released on Sunday, said that the oil-rich country produced 3.680 million bpd during the period down from the 3.695 million bpd in July.

"Iran's oil consumption has been on the decline since the beginning of year," the report added.

Iran produced 3.749 million bpd and 3.728 million bpd in the first and second quarters of this year, the OPEC said.

"Crude oil production from Angola, Saudi Arabia, and Venezuela increase by more than 10,000 bpd in August while crude output from Iran, Kuwait, Nigeria, and the UAE decreased by more than 10,000 bpd," the report added.

The average price of Iran's heavy oil increased by 20 dollars to 74.67 dollars in the first eight months of 2010 compared to the same period of the previous year.

"Imports from the UAE, Japan's second largest crude supplier in July, rose 22.8 percent month on month (m-o-m) and 2.3 percent year on year to 755.7 trillion bpd, while imports from Iran were up 50.1 percent m-o-m to 460.1 trillion bpd, making it the country's third-largest supplier for the month," the OPEC report said.

China also experienced a significant decrease in its imports from Venezuela, Kuwait, Iraq and Nigeria, while imports from Iran and Libya showed positive growth, the report added.

Iran is OPEC's second-largest oil producer after Saudi Arabia. In 2009, Iran's crude production stood approximately at 3.8 million bpd.

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