12 May Iran oil production hits pre-sanction levels in April, IEA report
Iran’s crude oil production has increased to 3.6 million barrels per day (b/pd), returning to pre-2012 sanction levels in just 100 days – according to data from the International Energy Association.
#BREAKING: #Iran crude #oil production jumps to 3.6m b/d, back to pre-2012 sanction levels (in just 100 days) @IEA pic.twitter.com/Pgs8mbuKtd
— Javier Blas (@JavierBlas2) May 12, 2016
Despite Iran’s oil production growing at such a quick rate the IEA said the global oversupply of crude is still shrinking.
Iraq and the United Arab Emirates both saw output grow, in addition to Iran’s 300,000 b/pd increase, meaning OPEC’s production output reached 32.76 million b/pd – the association’s highest level since August 2008.
Iran’s crude exports jumped to 2 million b/pd, representing a 40 per cent increase from the 1.4 million b/pd in March.
The IEA said China was the biggest buyer of Iranian crude in April purchasing more than 800,000 barrels a day – a 57 per cent increase from March.