OPEC OIL PRODUCTION SLIPS DURING MARCH

Marketing and logistical problems in Iran have drawn the blame for a decline of 500,000 b/d in oil production from Organization of Petroleum Exporting Countries during March. Latest figures from Middle East Economic Survey (MEES) show total OPEC production for March averaged 24.583 million b/d, down from 25.1 million b/d in February and only 63,000 b/d above the official production ceiling. MEES said Iran's production was down 481,000 b/d to 3.289 million b/d during March. (28653 bytes)

April 24, 1995

2 min read

Marketing and logistical problems in Iran have drawn the blame for a decline of 500,000 b/d in oil production from Organization of Petroleum Exporting Countries during March.

Latest figures from Middle East Economic Survey (MEES) show total OPEC production for March averaged 24.583 million b/d, down from 25.1 million b/d in February and only 63,000 b/d above the official production ceiling.

MEES said Iran's production was down 481,000 b/d to 3.289 million b/d during March. (28653 bytes) Iran's crude oil exports fell a similar volume, from 2.718 million b/d in February to 2.239 million b/d in March.

"The March drop in Iran's oil production and exports seems to have been caused by marketing and logistical problems rather than physical constraints," MEES said.

National Iranian Oil Co. was said to have loaded more than 800,000 b/d for later sale on a delivered basis or on the water, MEES said, while liftings by Japanese buyers were down from 800,000 b/d in February to 440,000 b/d in March.

"It is not vet clear to what extent U.S. companies are being deterred from purchasing Iranian oil by the looming threat of U.S. government and/or congressional action on this score," MEES said.

Lifting of Iranian crude oil by U.S. companies was reported to have fallen to an average 369,000 b/d in March from an average 613,000 b/d during 1994.