Iran crude production rises sharply

13 April 2016

Iranian output increase in March offsets fall in UAE volumes, says Opec report

Iranian crude production has increased almost 350,000 barrels a day (b/d) since sanctions were lifted against its energy sector in January, the latest Opec figures show

Iran produced an average of 3.291 million b/d in March compared with 2.944 million b/d in January, according to the 13-member organisation’s data, based on secondary sources.

The increase in Iranian production was partially offset by a drop in UAE output, which fell 100,900 b/d from February volumes to 2.682 million b/d in March. This is unusually low for the UAE, which produced an average of 2.85 million b/d in 2015, according to the same data.

Opec increased production by 14,900 b/d in March month-on-month to 32.25 million b/d, with Iraq and Angola also increasing volumes and output dropping in Libya and Nigeria.

Several Opec and non-Opec exports, including Russia, are set to meet in Doha on 17 April to discuss a widespread freeze on oil production volumes.

Oil producers are attempting to alleviate the global oversupply that has caused prices to plunge since mid-2014. Iran has indicated that it would be unwilling to freeze production until it reaches pre-sanctions volumes.

Read more: Iran crude

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications