Iranian oil output rises by 70K bpd to 2.7M bpd in October following seven months of declines,...
Tuesday, November 13, 2012, 5:06 AM ETIranian oil output rises by 70K bpd to 2.7M bpd in October following seven months of declines, while exports spike to 1.3M bpd from 1M in September, the IEA estimates. The increased sales were mainly to China and South Korea, and may have brought Iran an extra $900M in revenue, Reuters calculates. The IEA also reckons Iranian crude held in floating storage halved to 13M barrels from 25M-30M barrels in April.
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