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Iran projected to maintain oil output at 2.8 mbpd in December.: EIA

Source: Tehran Times

Iran's crude oil output was projected to remain 2.8 million barrels per day in December 2014, unchanged compared to previous months, according to the U.S. Energy Information Administration (EIA).

The country maintained its rank as the third-largest crude oil producer in the Organization of Petroleum Exporting Countries, the report added.

At its 166th ministerial meeting, which was held in Vienna on November 27, OPEC decided to maintain the production level of 30 million barrels per day, where it has stood for three years.

OPEC was under pressure from some of its members, notably Venezuela and Ecuador, to cut output to reduce supplies and push prices back up. However, the call was rejected by Saudi Arabia and the other Persian Gulf Arab states.

Iran plans to increase crude oil output to 5.7 million barrels per day by 2018, according to Oil Minister Bijan Namdar Zanganeh.

Iran, with 157 billion barrels of proven oil reserves, holds the world's fourth-biggest oil deposits, according to the BP Statistical Review of June 2014.

... Payvand News - 12/22/14 ... --

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