Iran has blamed a seasonal fall in demand during the refinery maintenance period for its decision to cut oil exports by 200,000-barrels-a-day in the last month.
National Iranian Oil Company (NIOC)’s director of international affairs, Hojatollah Ghanimi Fard, told the state-run Mehr news agency that the production cut between 20 April and 20 May had been planned since February, despite crude prices hitting record highs in recent weeks.
"This is a seasonal decrease and we will make up for it in some time," said Ghanimi Fard. "In the spring, demand falls because it is the time for refinery turnarounds. But this export cut is seasonal and we will make up for it after a while."
Iran’s crude output fell to 3.98 million b/d in April, according to industry estimates.
West Texas Intermediate crude was trading at just over $133 a barrel in late trading on 27 May after hitting a new record of $135.09 on 22 May.
You might also like...
Hassan Allam and Siemens confirm Hafeet Rail award
24 April 2024
UAE builds its downstream and chemical sectors
24 April 2024
Acwa Power eyes selective asset sales
24 April 2024
Bahrain mall to install solar carport
24 April 2024
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.
