The Organization of the Petroleum Exporting Countries (OPEC) said Iran’s oil output in April was 3.758 million barrels per day (bpd), 182,000 bpd more than its supply in 2011, effectively denying that supply has been impacted by sanctions against Tehran.

 

According to the OPEC’s Monthly Oil Market Report, Iran on average had produced 3.576 million barrels per day of crude oil in 2011 and 3.544 million bpd in 2010. 

 

The country’s oil production has steadily increased in 2012, reaching from 3.576 million bpd in 2011 to 3.758 million bpd in April, which shows 182,000 bpd growth in the mentioned period, the OPEC’s report says.

 

Iran’s oil production stood at 3.742 million bpd in first quarter of 2012, indicating some 133,000 bpd increase in comparison to the output in fourth quarter of 2011.

 

-- OPEC output

 

OPEC in December set its official supply target at 30 million bpd, settling an argument that broke out in 2011 after Iran and other members opposed a Saudi-led plan to raise the production ceiling.

 

The Organization of the Petroleum Exporting Countries said its own production had risen in April to 31.62 million barrels per day (bpd) as Iraq ramped up and Libya’s oil industry recovered.

 

 

OPEC is pumping enough oil to keep world markets more than satisfied and oil prices have been high largely due to geopolitical risk, the oil-producing group said.

 

And the increased flows have helped push oil down $15 from a March high of $128 a barrel.

 

“Higher OPEC crude oil production underscores the current trend of plentiful supply in excess of market requirements,” OPEC said in its monthly Oil Market Report.

 

Secondary sources now say that OPEC pumped 1.62 million bpd above its supply target, and demand for its own oil, in April.

 

 

Output levels directly reported by OPEC members rose even more in April. Saudi Arabia said it pumped 10.1 million bpd in April, up 179,000 bpd from March. 

 

 

Supply from producers outside OPEC is also on the rise, according to the report, with non-OPEC supply growth seen at 640,000 bpd this year, up 50,000 bpd on the previous forecast.

 

“It is important to note the general consensus among various sources regarding the good performance of non-OPEC supply this year, implying more barrels will be available in the market,” said the group which pumps more than a third of the world’s oil.

 

OPEC also said the decline in world oil demand growth had stopped, at least for the short-term, as the US economy stabilizes and non-OPEC demand continues to grow.

 

It said world oil demand would grow by 900,000 bpd in 2012, up 40,000 bpd from its previous assessment in April.

 

“Given the stabilization of the US economy and the shutdown of the Japanese nuclear power plants, world demand has - at least, for the short term — stopped its decline and has begun to show growth,” said OPEC.

 

The US Energy Information Administration also raised its 2012 world oil demand growth forecast this week. The agency sees demand growth at 960,000 bpd — up 70,000 bpd from its previous estimate.

 

(Source: Agencies)