Iran’s oil output decreases in April
According to the report, Iran’s heavy oil price also decreased by 1.7 percent to $50.27 month-on-month. However, the figure during January-April increased by more than 69 percent to 51.57 percent in average. According to the report, OPEC members cut oil output by 18,000 b/d in April. Demand for OPEC crude in 2016 now stands at 31.8 mb/d, which is 2.0 mb/d higher than in the previous year. In 2017, demand for OPEC crude is projected at 31.9 mb/d, around 0.2 mb/d higher than in the current year.
Platts reported Mar 9 that Iran’s oil exports also decreased from 2.35 mb/d in March to 2.16 million b/d in April, informs Trend. OPEC members are preparing to discuss the extension of oil cut deal (1.2 mb/d) in 2H17. Eleven Non-OPEC producers also are expected to extend their commitment to decrease oil output by 558,000 b/d.