Iran raised OPEC oil production to top high level since 2008

Almaty. May 12. Silkroadnews – This April OPEC production reached the highest level since August 2008 having increased by 330 thousand barrels per day to 32.76 million barrels per day, “Vedomosti” newspaper writes.

According to monthly review by the International Energy Agency (IEA), almost all the growth has been provided by Iran that increased production by 300 thousand barrels a day to nearly 3.6 million barrel a day in April, having returned to the level of November 2011.

Iraq and the UAE also demonstrated production growth, having balanced the production decline in Kuwait and Nigeria. Saudi Arabia’s oil production turned to be stable at 10.2 million barrels a day level.

The IEA projects that prior to the next OPEC meeting in Vienna on June 2 the cartel will continue to ramp up the production, in particular taking into account the seasonal growth in energy consumption in Saudi Arabia and ending of the oil strike in Kuwait.

The current level of OPEC production exceeds the cartel’s projected demand for oil this year nearly by 500 thousand barrels per day. Non-OPEC oil production, according to the IEA forecasts, will fall this year by 800 thousand barrels per day and make 56.8 million barrels per day.

At present Brent crude exceeds $47 per barrel.