Iran’s oil output increases before Doha meeting

Iran’s oil output increases before Doha meeting

Cargo of Iran’s crude oil has risen by more than 600,000 barrels a day this month, based on data from Bloomberg.

This data revealed the country exported more than two million barrels per day thus far in April, compared to 1.45m barrels in March.

Iran will meet with Saudi Arabia’s Opec leader on Sunday as well as the other world’s largest oil producers to come up with a deal to freeze output.

Oil prices fell by 0.8 per cent to $43.63 per barrel of Brent crude. US Texas Light Sweet was trading at $41.86 during the evening market.

Iran explained it has pledged to increase its production back to pre-sanction levels to reclaim the market share it lost due to a lifted trade embargo in January.

“The market looks set to move close to balance in the second half of this year,” the International Energy Agency (IEA) said in a monthly report. “Oil prices are on the rise with Brent crude oil trading currently well above $40 per barrel.”

Saudi Arabia has denied calls to stop production to raise the oil price due to fears the market price might decrease.