IRAN'S OIL PRODUCTION: 3.63 MBD
According to REUTERS, Iran has told OPEC it pumped 3.63 million barrels of oil per day (bpd) in August, up 10,000 bpd from July, an OPEC source said, marking a slowdown in the rapid growth that followed the lifting of Western sanctions in January.
Iran has been the main factor preventing an output deal between OPEC and non-OPEC Russia to boost prices, as Tehran has said it should be excluded before its production recovers. Renewed talks on an output pact are under way.
The Iranian production figure is due to be published on Monday in the Organization of Petroleum Exporting Countries' next monthly report. The report will also show the secondary sources OPEC uses to estimate its output also see Iran's August production at 3.63 million bpd, unchanged from July.
The latest OPEC figures suggest Iranian production has reached the level it pumped in late 2011, before the last round of sanctions were tightened leading to a drop in Iranian exports.
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Saudi Arabia is considering delaying the international portion of the giant initial public offering of its state oil company until at least 2019, according to people familiar with the situation, who said a domestic share sale in Riyadh could still happen next year.
But we expect a rise in the sector's NPL ratio and muted credit demand in the second half of 2017 and 2018, reflecting the slowing economy. GDP growth slowed to 1.4% in 2016 from 3.4% in 2015 and we expect it to be below 1% in 2017 and 2018.
The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average.
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