OPEC ups April output despite Iran's 20-year low
By Benoit Faucon
LONDON (MarketWatch) -- OPEC's crude-oil output kept rising in April, as Iraq offset Iran's production decline to a 20-year low, according to a Dow Jones survey.
Crude production from the 12 members of the Organization of Petroleum Exporting Countries was up by 115,000 barrels a day from March, at 31.820 million barrels a day, according to a Dow Jones Newswires survey of industry sources and analysts.
The increase came despite Iran's production declining to its lowest level since 1990, at 3.2 million barrels a day, according to data from Vienna-based JBC Energy GmbH. The Islamic Republic's oil sector is being hit by a combination of sanctions targeting both its fields and exports.
But other OPEC producers in the Persian Gulf have been able to offset the Iranian decline.
Iraq has reached its highest production in 20 years, at 3.060 million barrels a day, after opening a second offshore export terminal.
On a monthly basis, Iraqi production was up 193,000 barrels a day, the survey shows.
(in millions of barrels a day)
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