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OPEC: Iran's gas production stood at 588 mcm/d last year

OPEC: Iran's gas production stood at 588 mcm/d last year

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Date: 25 December 2015 15:07

Baku, Azerbaijan, Dec. 23

By Khalid Kazimov – Trend:

Iran produced natural gas in the amount of 3.7 million barrels of oil equivalent per day (mboe/d) in 2014, which equals 588 million cubic meters per day, OPEC said.

The OPEC went on to add that Iran is ranking first among 12 members of the cartel.

The US gas supply in 2014 was recorded at an average of approximately 12.6 mboe per day, according to the OPEC's new report “2015 World Oil Output”. This made it the largest global natural gas producer. Together with Russia, which produces around 11 mboe per day, the two nations account for almost 40 percent of global gas production.

“In addition, there are four OPEC Member Countries in the list of the top 10 gas producers: IR Iran (3.7 mboe per day), Qatar (3 mboe per day), Saudi Arabia (1.8 mboe per day) and Algeria (1.4 mboe per day),” the report said.

Relatively high penetration rates of 20–40 percent for natural gas commercial vehicles have already been reached in Iran, Pakistan, Argentina, according to the report.

Coming to economic growth, the report said that OPEC’s upside and downside is mainly linked to energy prices, but it is also influenced by the ability of countries to diversify their economies and further advance wealth distribution. Moreover, the development of Iran’s economy post-sanctions may provide some upside potential in the medium-term, according to the report.

Iran's oil demand stood at 1.85 million barrels per day in 2014, OPEC said.

OPEC crude supply rose from 30 mb/d in 2014, up to 31 mb/d in 2015. It is expected to fall gradually to 30.6 mb/d in 2019, before rising slightly to 30.7 mb/d by 2020, the report says.

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