Monday, July 2, 2012

Iran Oil Production Loss Brings Down OPEC Numbers

OPEC oil production fell for the second month in a row in June, largely due to a fall in output in Iran, said a report by the Wall Street Journal based on the latest Dow Jones Newswires survey.
The largest drop in production in June was 150,000 barrels a day from Iran, where the production has fallen by 700,000 barrels a day since January.
“June and July will be the worst months for Iranian oil production,” said Samuel Ciszuk, an analyst at consultancy KBC Energy Economics. "Many clients who were continuing to buy Iranian crude stopped doing it (ahead of the July 1 deadline,)” he said.
Mr. Ciszuk added that the total loss of production loss in Iran could hit 1 million barrels a day by October.

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