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Iran’s oil output to fall to record-low level in May – IEA

Gasoil News - Published on Fri, 17 May 2019

Image Source: sputniknews.com
Sputnik reported that earlier this month, Tehran vowed response if its interests in the Organisation of Petroleum Exporting Countries (OPEC) are damaged, adding that the organisation itself is damaged by “the unilateralism of some of its members and that it's possible that the organisation may collapse”.

According to a monthly report issued by the International Energy Agency, Iran's oil production could slump in May to its record-low level since the 1980s.

The report also detailed the agency's forecast for global oil demand growth in 2019 which is predicted to be reduced by 90,000 barrels per day to 1.3 million barrels per day.

Meanwhile, the report stated that the Organization of the Petroleum Exporting Countries (OPEC) complied with the deal on production cuts in April by 131 percent.

"In April, OPEC crude output rose for the first time in four months as higher supply from Libya, Nigeria and Iraq more than made up for a significant loss in Iran. Production rose 60 kb/d m-o-m [month-on-month] to 30.21 mb/d, but was down 1.21 mb/d on a year ago," the IEA added.

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Posted By : Rabi Wangkhem on Fri, 17 May 2019
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