Iran Output Rebound Sets Stage For Saudi Stand-Off In Vienna

Opec shook off the impact of a three day oil-sector strike in Kuwait to return to growth last month, boosting output by 420,000 b/d, the biggest monthly rise since June 2015. April’s total Opec crude output of 32.64mn b/d according to MEES estimates is only 170,000 b/d below January’s record 32.81mn b/d output.

The greatest increase came from Iran, which added a massive 280,000 b/d as it continues to close in on its pre-sanctions output: its April production of 3.38mn b/d is only 200,000 b/d below 2011’s 3.58mn b/d output.

Iranian gains were closely followed by the UAE, which had experienced a sharp drop-off in the previous two months due to planned maintenance work at its onshore fields (MEES, 8 April). (CONTINUED - 1969 WORDS)

DATA INSIDE THIS ARTICLE

table Opec Production, April 2016 (Mn B/D, Mees Est.)