Iran's July oil export tops 2.45 mm bpd

Jul 05, 2000 02:00 AM

With an increase in oil production starting July 1, Iran's oil export has topped 2.45 mm bpd this month, an oil official announced.
The increase in production and export is in line with the agreement reached among members of OPEC in June, said Deputy Managing Director of the National Iranian Oil Company Hojatollah Qanimifard.
He reiterated that Iran will co-ordinate its policies with other OPEC members to stabilise the international oil market.

Deputy Managing Director of NIOC Hojatollah Ghanimifard told the increase in exports was in line with OPEC agreements reached in its recent meetings in Vienna while there has been no reduction in domestic crude consumption. He reiterated that Iran will co-ordinate its policies other OPEC members.
Ghanimifard said contrary to presumptions, the increase in oil prices, especially in recent days, has not resulted in an increase in revenues for oil producers. He said Brent was $ 32.63 on March 7, compared with the $ 30.76, representing a price dropof in this period of $ 1.86. However, he said, Iran's sour crude was trading at about $ 31.20 per barrel on March 7 compared with $ 25.41 per barrel. "A drop of $ 5.79 per barrel is very significant," he said. He said the recent fall in prices for sweet crude has been relatively low compared to the sour type which is produced by most of the OPEC members in the Persian Gulf.
OPEC oil ministers agreed to raise the organisation's oil output ceiling by 708,000 bpd to reach 25.4 mm bpd in their June meeting in Vienna. Iraq was excluded from the agreement as it is under UN sanctions.

In accordance with its quota within the OPEC agreement, Iran announced on July 1 that it would increase the output by 104,000 bpd from the original level of some 3.7 mm barrels. All the increased will be exported.
Iran, the second largest producer after Saudi Arabia within OPEC, is opposed to increasing output by a large scale, maintaining that the oil supply to the world market is not so insufficient as some people have calculated.
On the high oil price in the US market, Qanimifard said it was due to the need for new gasoline or the so-called "green gasoline" as well as a lack of refinery facilities for the product. Iran's Oil Ministry also expressed its opposition to unilateral output hike by OPEC members.

Source: Xinhua via Newspage
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