Iran’s oil output – EIA

US Energy Information Administration reported that Iran’s crude oil output, including condensates and natural gas plant liquids (NGPL) stood at 3.24 million barrels per day during the first seven months of 2014.
The figure indicates an increase by 131,000 bpd compared to the same period of 2013, making Iran third crude producer among the Organization of Petroleum Exporting Countries (OPEC), EIA said in its Monthly Energy Review report published Oct. 28.
However the output is 341,000 bpd less compared the 7-month period of 2012.
Iran’s crude oil production, which reached a peak of 6.1 mbpd in 1974, has been well below that level since 1979.
After averaging an estimated 3.9 mbpd from 2001 to 2010, Iran’s production has continued declining, to an estimated 3.387 mbpd in 2012, and 3.113 mbpd in 2013, according to the EIA’s report.
A series of international sanctions targeting Iran’s oil sector have led foreign companies to cancel a number of new projects and upgrades of existing projects.
Iran also faces continued depletion of its production capacity, as its fields have relatively high natural decline rates (between 8 percent and 13 percent per year), the EIA’s International Energy Outlook 2014 report said Sept. 9.
Saudi Arabia, by producing 9.775 mbpd of oil in the 7-month period of 2014, ranked first among OPEC member countries in terms of crude production, followed by Iraq with 3.268 mbpd.
The total output of OPEC during the first seven months of 2014 amounted to 32.47 mbpd, indicating a decline of 474,000 bpd year on year.