Baku, Azerbaijan, Oct. 12
By Umid Niayesh - Trend:
Iran's crude oil production decreased by 6,000 barrels per day from August to 2.853 million barrels per day (mb/d) in September, OPEC reported.
According to the OPEC's latest monthly report, obtained by Trend on Oct. 12, Iran's oil price also decreased by 1.63 percent month-to-month to $44.62 per barrel in September.
OPEC's crude basket price decreased by 0.63 percent to $44.83 during this period.
According to secondary sources, total OPEC crude oil production increased by 0.11 mb/d to average 31.57 mb/d in September. Crude oil output increased mostly in Iraq, Nigeria and UAE, while production in Saudi Arabia showed the largest drop of 48 tb/d.
The report says that the demand for OPEC crude in 2015 is estimated to stand at 29.6 mb/d, 0.3 mb/d higher than the previous report and 0.6 mb/d above the previous year's level. In 2016, demand for OPEC crude is forecast at 30.8 mb/d, an increase of 0.5 mb/d over the previous report and around 1.2 mb/d higher than the current year.
World oil demand growth for 2015 was adjusted higher by 40 tb/d as a result of better-than-expected performance from OECD Americas, Europe, Other Asia and China in 3Q15. As a result, 2015 world oil demand growth currently stands at 1.50 mb/d, with total global consumption of 92.86 mb/d.
For 2016, world oil demand growth was adjusted lower by 40 tb/d, mainly to reflect a high baseline effect in OECD Americas. World oil demand growth is now anticipated to be 1.25 mb/d, with total global consumption at around 94.11 mb/d.
Preliminary data indicates that global oil supply decreased by 0.34 mb/d to average 94.16 mb/d in September compared to the previous month. The decline was due to a drop in non-OPEC supply by 0.44 mb/d. The share of OPEC crude oil at 33.5% of total global production increased by 0.2% in September, compared to a month earlier.
OPEC oil basket price stood at $48.80 on Oct.9.
Edited by CN
