Press TV- New indications have appeared showing that Iran continued to increase its production of crude oil last month
Reuters in a report said Iran’s oil production in November rose by 40,000 barrels per day (bpd) before the Organization of the Petroleum Exporting Countries (OPEC) met in Vienna later to discuss output cuts.
The news service added in its report that Angola provided OPEC’s largest supply boost last month as planned maintenance on the Dalia crude stream ended.
Output also climbed in Iraq due to record exports, lifting supply to 4.62 million bpd, it added. Libya and Nigeria boosted their production, too.
Among countries with lower output, the biggest drop came from top exporter Saudi Arabia due to reduced crude use in power plants for air-conditioning, and lower refiner processing, Reuters added.
November’s supply from OPEC excluding Gabon and Indonesia, at 33.23 million bpd, is the highest in Reuters’ survey records starting in 1997, the news service further wrote in its report.
Last Wednesday, OPEC reached an agreement over a Saudi proposed plan which envisaged production cuts for most producers – a move which was meant to help boost the prices.
Iran – together with Nigeria and Libya – were excluded from the output cut scheme.
The global prices of oil have been increasing following the conclusion of the deal. On Monday, Brent crude rose above $55 a barrel, trading at a 16-month high, on prospects of a tighter market next year following OPEC’s deal. Nevertheless, the prices are still half their level of mid-2014, Reuters added in its report.