Iran's oil output

Nov 17, 2001 01:00 AM

Iran's oil production fell to 3.45 mm bpd in October, the lowest monthly figure so far this year. Crude exports totalled 2.00 mm bpd with 1.45 mm bpd delivered to domestic refineries.
This compares with 3.62 mm bpd in September. The October production was very close to Iran's OPEC production quota of 3.406 mm bpd. Tehran is frequently charged with over-producing on its quota within the cartel.

The country's Oil Minister Bijan Namdar Zangeneh called on non-OPEC oil producers to "negotiate and cooperate" to cut world production of crude and "avoid a collapse in prices in the months to come." "OPEC has .o other tool than to convince non-OPEC countries to cut production and thereby avoid a collapse in prices, particularly in the second half of 2002," he said, adding that OPEC had negotiations with Norway, Russia, Angola, Oman and Mexico.
He said "prices will collapse if nothing is done to decide on a total reduction of 2 mm bpd." OPEC ministers agreed to cut their production by 1.5 mm bpd from January 1, on condition that major non-OPEC producers like Russia, Norway and Mexico cut by half a million bpd. Mexico announced that it will cut oil exports "up to 100,000 bpd" from January 1, if OPEC confirmed its conditional cut. But Russia reiterated that no one could tell it how much oil to export.

After falling some 15 % already, London Brent crude for January delivery was down another two cents at $ 17.31 a barrel. The price fell below $ 17 a barrel for the first time since June 1999. In New York, December-dated light sweet crude lost early gains to stand at its overnight level of $ 17.45 a barrel.
Oil prices have fallen dramatically as major world crude producers have chosen to chase market share rather than price stability at a time when a supply glut is swamping a market undermined by falling demand. Budgets in Moscow and Riyadh both depend on crude prices remaining at a certain level, and most analysts believe that Russia can live with lower oil prices longer than Saudi Arabia. For Iran, the world's second largest producer in OPEC after Saudi Arabia, the 2001/2002 budget is based on an oil price of around $ 20 per barrel.

Source: AFP
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