Oil prices in excess of $ 50 with the enthusiasm of investors for the OPEC agreement .. Iran 's exports and close to peaking

04/10/2016 (0:01 pm) - The number of readings: 142

Reuters / New York-Tehran

Crude oil prices rose to the highest level since August, surpassing $ 50 a barrel on Monday, supported by the agreement of oil exporters to cut production, despite warnings from analysts that the intractable problem of excess supply may inhibit longer-term rally.

And increased contracts for Brent futures prices of 42 cents to $ 50.61 a barrel at 0913 GMT, up from its lowest level during the session at $ 49.74.

Futures contracts for WTI prices and the mediator stepped up 37 cents to $ 48.61 a barrel, recovering from its lowest level during the day Monday at $ 47.78.

OPEC said last week it would cut production to a range between 32.5 million and 33 million barrels per day from the current production level of 33.5 million dollars to be agreed on the details of the organization meeting in November.

It is likely that OPEC's oil production up to 33.6 million barrels a day in September / September level averaged 33.53 million barrels per day in August / August, the highest level in modern history, according to a Reuters survey found on Friday.

On the other hand, two sources familiar with the matter said that Iran's total sales of crude oil and condensates amounted to about 2.8 million barrels per day, most likely in September, roughly in line with the peak in 2011 before the imposition of sanctions on a member of the Organization of Petroleum Exporting Countries Country (OPEC).

The rise in exports from its level in August of about 2.5 million barrels per day, supported primarily Balmktvat a type of light oil excluded from OPEC supply quotas and are often produced with natural gas and naphtha can be used in industry for the production of petrochemicals.

The two sources said Iran has sold 600 thousand barrels per day of condensate in September, with about 100 thousand barrels per day were exported from stocks in order to meet strong demand in Asia.

He said crude exports in September increased slightly from its level in the previous month to reach about 2.2 million barrels per day.

In the framework of a sudden OPEC agreement reached last week was to allow Iran, along with Libya and Nigeria, production "maximum reasonable levels" under any restriction of production.

Iran, however, surprised the markets to increase oil production faster pace than expected to reach 3.63 million barrels per day in August / August, according to OPEC, which is more than a quarter from its level at the end of 2015 in light of the lifting of sanctions on Tehran in January.

The head of the board of directors Av.ja.aa Consulting Fereydoun Fesharaki "Iran can not produce much greater than current levels and then the amounts (production) is about 3.7 million barrels per day may be the maximum."

He added that even though Iran's production reached 3.8 barrels per day - a level at which oil official said that he heard in September / September - Tehran will not be able to continue to produce these quantities because the rates of decline in the oil fields close to 400 thousand barrels per day each year.

The two sources said that the condensate and crude oil are not that will lead the Iranian export growth in the rest of 2016 thanks to the development of operations in the giant South Pars gas.

Thomson Reuters data for research supply chains and commodity and suggest that the Iranian ports have seen load 2.153 million barrels per day of crude and 486 thousand barrels per day of condensate in September / September.

The total exports this month to 2.639 million barrels per day, with the exception of capacitors that have been withdrawn from stocks, up from 2.472 million barrels a day in August / August, according to Reuters data.