TEHRAN - Iran produced 2.828 million barrels per day (bpd) of crude oil in July, registering an 86,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report published on August 10.

Based on secondary sources, Iran produced 2.760 million bpd of crude oil in June.

The Islamic Republic’s average crude output for the second quarter of 2023 stood at 2.694 million bpd indicating a 123,000-bpd increase compared to the figure for the first quarter of the year, the report said.

The report put the average Iranian crude output for 2022 at 2.554 million bpd, while the average output in 2021 was 2.392 million bpd.

These statistics show that although with the re-imposition of the U.S. sanctions, Iran's oil production decreased; gradually the country has been able to compensate for part of the output decline and increase production significantly.

Iran now occupies the fourth place among OPEC members in terms of production, following Saudi Arabia, Iraq, and the United Arab Emirates (UAE).

The country’s heavy crude oil price also increased by $6.15 in July, to register an 8.2 percent rise compared to the previous month, according to the OPEC report.

Iran sold its heavy crude oil at $81.48 per barrel in the mentioned month, compared to June’s $75.33 per barrel.

The country’s average heavy crude price was $79.84 since the beginning of 2023 up to the report’s publishing date, in comparison to $105.49 in the previous year’s same period.

Back in June, Bloomberg reported that the production and export of Iranian oil in 2023 have reached record highs since the country came under U.S. sanctions more than five years ago.

The report published in late June stated that Iran was shipping the highest amount of crude in almost five years despite U.S. sanctions.

Bloomberg cited energy analysts as saying that Iran’s oil exports have surged to the highest level since the U.S. unilaterally re-imposed sanctions on the country in 2018.

A Reuters report, also said in June, that Iranian crude shipments continued to rise in 2023 with higher shipments to China, Syria, and Venezuela. The report quoted consultants, shipping data, and a source familiar with the matter.

A large chunk of Iran’s crude oil goes to China which is the world’s major importer of energy. Several European customers including Germany, Spain, and Bulgaria also imported oil from Iran.

Iran has not released official figures about its oil exports over the past years amid efforts to evade Washington’s illegal sanctions.

EF/MA