Baku, Azerbaijan, Feb. 12
By Gazenfer Hamidov – Trend:
Iran decreased its oil output in January by 3,400 barrels per day month-on-month, OPEC said in its latest monthly report released on Feb. 12.
Iran’s oil output decreased to 3.829 million barrels per day in January compared to 3.832 mb/d in December 2017.
According to the report, Iran’s January output was 18,000 b/d more than the 2017 average and 314,000 b/d more than the 2016 output.
The Islamic Republic’s oil output was 3.817 mb/d in January, according to an OPEC report based on direct communications, indicating a 12,000-barrel difference between OPEC's estimates and Iran’s data.
Iran’s heavy oil price increased by 8.2 percent or $4.98 month-on-month to $65.85 per barrel in January.
OPEC members decreased their oil output by 8,100 b/d in January to 32.302 mb/d, according to the report.
Crude output increased mainly in Iraq, Saudi Arabia and Libya, while production mainly declined in Venezuela and Angola.
Saudi Arabia was the top oil producer in OPEC with 9.977 mb/d of output, followed by Iraq (4.435 mb/d), Iran (3.829 mb/d), the UAE (2.864 mb/d) and Kuwait (2.707 mb/d).
