A resurgent Iran pumped its largest volume of crude in almost two years in April, while an increasingly compliance-challenged Russia also boosted its output yet again, bringing total production by OPEC and its allies to a three-month high, according to the latest S&P Global Platts survey.
Iran’s industries ministry (MIMT) says car output in the country rose by 19.1% in the calendar year to March 20 despite closures and reduced activity measures imposed at plants by automotive companies to curb the spread of the coronavirus.
The output of the National Iranian South Oilfields Company (NISOC) has increased significantly despite sanctions imposed by the US which hampers normal exports of crude from Iran, said the company chief on Monday.
Oil prices rose around 1% on Tuesday after major producers showed they were cutting crude output in line with their commitments on restraint, supporting a market thrown out of kilter by weak demand during the coronavirus pandemic.
Japan’s industrial production likely declined again in December and retail sales are also expected to have slipped, a Reuters poll found, reinforcing worries a recent sharp increase in COVID-19 cases could derail a fragile economic recovery.
Japan’s government will compile a stimulus package next week that would seek to fill slack in the economy not just with spending but incentives to boost green and digital investment, Economy Minister Yasutoshi Nishimura said on Wednesday.
OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal.