In an announcement posted on its web site, OPEC mentioned it extends its sincerest and deepest condolences on the passing of HE Ayatollah Dr Ebrahim Raisi, President of the Islamic Republic of Iran, to his household, the management and folks of the Islamic Republic of Iran, and your entire OPEC household.
“It’s with nice unhappiness and deep sorrow that we have now discovered of the tragic passing of HE Ayatollah Dr Ebrahim Raisi, President of the Islamic Republic of Iran, and different senior authorities officers,” OPEC Secretary Normal Haitham Al Ghais mentioned within the assertion.
“In these troublesome instances, on behalf of myself and all of the employees on the OPEC Secretariat, I prolong my condolences and sympathy to the esteemed management and folks of the Islamic Republic of Iran and the households of HE President Raisi and different officers,” he added.
The assertion famous that your entire OPEC household commiserates with the household of Raisi and the management and folks of the Islamic Republic of Iran.
It additionally highlighted that Al Ghais met with President Raisi in Might 2023 in Tehran throughout his first official go to to Iran. The assembly targeted on Iran’s function within the international oil and vitality markets, in addition to the longer term outlook for investments within the oil trade within the Islamic Republic of Iran, the assertion famous.
Iran is a founding member of OPEC. The group was created on the Baghdad Convention from September 10-14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, in keeping with OPEC’s web site.
As of 2022, Iran’s confirmed crude oil reserves have been over 208 billion barrels and its confirmed pure fuel reserves stood at greater than 33 trillion cubic meters, OPEC’s web site confirmed. In 2022, the nation’s crude oil manufacturing was 2.55 million barrels per day and its marketed pure fuel manufacturing was 262.2 trillion cubic meters, the location outlined.
Iran’s crude oil manufacturing averaged 3.23 million barrels per day within the first quarter of this 12 months, in keeping with the U.S. Vitality Info Administration’s (EIA) newest quick time period vitality outlook (STEO), which was launched earlier this month.
The nation’s crude oil output got here in at 2.60 million barrels per day within the first quarter of final 12 months, 2.74 million barrels per day within the second quarter, 2.97 million barrels per day within the third quarter, 3.18 million barrels per day within the fourth quarter, and a pair of.87 million barrels per day general in 2023, the STEO confirmed.
The EIA’s Might STEO didn’t forecast Iran’s crude oil manufacturing for the remaining quarters of 2024 or its general crude oil output determine for this 12 months.
OPEC’s complete crude oil manufacturing averaged 27.38 million barrels per day within the first quarter of 2023, 27.23 million barrels per day within the second quarter, 26.37 million barrels per day within the third quarter, 26.58 million barrels per day within the fourth quarter, and 26.89 million barrels per day general in 2023, the EIA’s Might STEO outlined.
It averaged 26.65 million barrels per day within the first quarter of this 12 months and 26.64 million barrels per day within the second quarter, in keeping with the STEO, which projected that this output would are available at 27.23 million barrels per day within the third quarter, 27.09 million barrels per day within the fourth quarter, and 26.90 million barrels per day general in 2024.
The international locations included within the EIA’s OPEC figures comprise Algeria, Congo (Brazzaville), Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela, the STEO highlights.
Rigzone just lately spoke to representatives of the CATO Institute, the American Enterprise Institute, Rice College’s Baker Institute for Public Coverage, and the Heritage Basis to get their tackle how Raisi’s demise will have an effect on the nation’s battle with Israel and the Iranian, and international, oil and fuel trade. To view that article, click on right here.
To contact the creator, e-mail andreas.exarheas@rigzone.com