Iran’s oil output down slightly in March to 2.567mbd: OPEC figures
Figures by The Organization of the Petroleum Exporting Countries (OPEC) show that Iran’s oil output in March was almost unchanged from February.
The figures covered in a report by the ILNA news agency showed that Iran had produced an average of 2.567 million barrels per day of crude oil in March, down by 8,000 bpd from February.
The decreased output mirrored a month-on-month decline of 0.29% in OPEC oil production in March.
The average price of Iranian Heavy crude grade reached $78.8 per barrel in March, down from $81.88 per barrel reported in February, showed OPEC tables.
OPEC forecasts showed that global demand for crude oil will reach an average of 101.89 million bpd, up by 2.33% from the average demand reported last year.
Meanwhile, Shana reported on Sunday that Iran and Venezuela inked several memorandums of understanding (MoUs) on the expansion of cooperation in the fields of oil, gas, and petrochemicals.
The MOUs were inked by Iranian Oil Minister Javad Owji and his Venezuelan counterpart Pedro Rafael Tellechea in the presence of Venezuelan Vice President Delcy Rodriguez, with the aim of strengthening bilateral cooperation between Iran and Venezuela in the upstream and downstream sectors of the oil industry.
The development of oil and gas fields, and the reconstruction and renovation of Venezuelan oil refineries with the aim of maximizing the capacity of these complexes are among the issues mentioned in the MoUs signed by the two sides.
In the documents, agreements were also made about the reconstruction and modernization of Venezuelan petrochemical complexes with Iranian technical and engineering services and equipment, the reconstruction and modernization of the loading dock, oil terminal, and trade and export of oil, gas condensate, and petroleum products.
Owji arrived in Caracas, the capital of Venezuela, at the head of a delegation on Thursday, to strengthen energy cooperation with the Latin American country.
The minister, who has traveled to Venezuela in order to strengthen energy cooperation in the upstream and downstream areas, was welcomed by the country’s officials.