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Iran Data Summary: Oil Output at 3.8mn b/d

OIL

Iran data summary from this week:

  • Iran's total oil output is currently 3.8mn b/d according to its oil minister Javad Owji on the sidelines of the OPEC seminar this week.
  • 3.07mn b/d is crude and the rest condensate he said. Most industry assessment placed Iranian crude production below 3mn bpd in May. Iran is focussed on increasing its crude production according to Owji.
  • Iran’s crude/condensate exports reached 1.3mbd in June, a 200kbd decline from May’s record high according to Vortexa figures this week.
  • Kpler preliminary figures placed them slightly higher at ~1.35mn bpd. These figures come after a sanctions era record pace of around 1.5mn bpd in May which Iran does not appear to have the infrastructure to maintain on a continued basis.
  • Iran’s onshore crude/condensate inventories declined to 108mb in June, a 3mb stock draw since April according to Vortexa.
  • As of 4 July, Iranian crude/condensate in floating storage is assessed at 37.2mb, comprising 40% condensate and 60% crude.

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