Iran increases crude oil output by 32.2 kb/d

Iran increased crude oil production by 32,200 barrels per day in July, compared with the previous month. The country’s oil output reached 2.861 million barrels per day.

According to Reuters’ survey, Iran’s oil export increased by 13.1 percent Y/Y to 1,167,846 barrels per day in July.

This volume for 1H15 was 1,098,103 barrels per day.

OPEC’s total output increased in July by 100,700 barrels per day to 31.513 million barrels per day (mb/d), while the 12 members reached an agreement several months ago to keep the ceiling level at 30 mb/d to prevent increasing the oil glut in international markets which has pushed the prices down from 2H15 by more than 50 percent.

Iran heavy oil price decreased by $5 in July, compared to June to $54.86, while the OPEC’s oil basket price decreased by $6.02 to $54.19 on average.

Iran is planning to increase its oil export from one million barrels a day to 1.5 million in the course of seven days once the sanctions are lifted.

Iran’s oil production will increase to some point between 3.8 million to 3.9 million barrels per day, Bijan Zanganeh said in a press conference, Mehr news agency reported August 4.