Iran’s August oil output up 100,000 bpd
Iranian crude oil production increased by 100,000 barrels per day (bpd) in August from its previous month.
According to the latest data released by Reuters, exempted from the OPEC, non-OPEC curbs, Iran has increased its crude output to 3.79 million bpd in August from 3.78 million bpd in July.
The output from the 13 OPEC members originally part of the deal fell by 170,000 bpd in August from July. Supply from the 11 members with production targets under the original accord declined by 60,000 bpd.
In an effort to prop up prices, the Organization of the Petroleum Exporting Countries started reducing output by about 1.2 million bpd on January 1 in its first supply cut since 2008.
Nigeria and Libya were also exempted from the curbs.
The August data indicates that compared with the levels from which they agreed to cut, in most cases their October 2016 production; the 11 members have reduced output by 1.038 million bpd of the pledged 1.164 million bpd.
That equates to 89 percent compliance, up from 84 percent in July. The figures for July were not revised.
source: Tehran Times
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