News ID: 199755
Published: 0315 GMT September 01, 2017

Iran produced 3.79 mbd of oil in August

Iran produced 3.79 mbd of oil in August

Iran produced 3.79 million barrels per day (mbd) of crude oil in August, according to a Reuters survey published on Thursday.

In an effort to prop up prices, the Organization of Petroleum Exporting Countries started reducing output by about 1.2 mbd on January 1 in its first supply cut since 2008.

The August survey indicates output from the 13 OPEC members originally part of the deal fell by 170,000 bpd from July. Supply from the 11 members with production targets under the original accord declined by 60,000 bpd.

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 mbd of the pledged 1.164 mbd. That equates to 89 percent compliance, up from 84 percent in July. The figures for July were not revised.

OPEC target based on the 32.50 mbd ceiling was announced on November 30, 2016.

Iran is allowed a slight increase in the deal.

Equatorial Guinea joined OPEC in May. The country is required to limit output but OPEC has not published a production target or an updated overall target since it became an OPEC member.

   
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