TEHRAN - Iran produced 3.058 million barrels per day (bpd) of crude oil in September, registering a 15,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report.

Based on secondary sources, Iran produced 3.043 million bpd of crude oil in August.

The Islamic Republic’s average crude output for the third quarter of 2023 stood at 2.990 million bpd indicating a 292,000-bpd increase compared to the figure for the second 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 the output decline and increase production significantly.

Iran now occupies the third place among OPEC members in terms of production, following Saudi Arabia, and Iraq.

The country’s heavy crude oil price also increased by $7.05 in September, to register an 8.0 percent rise compared to the previous month, according to the OPEC report.

Iran sold its heavy crude oil at $94.63 per barrel in the mentioned month, compared to August’s $87.58 per barrel.

The country’s average heavy crude price was $82.37 since the beginning of 2023 up to the report’s publishing date, in comparison to $104.16 in the previous year’s same period.

Last month, the Organization of the Petroleum Exporting Countries pumped 27.775 million bpd, up 273,000 bpd from August. Production in August had risen for the first time since February.

The rise in September was led by Nigeria, which has been battling with crude theft and insecurity in its oil-producing region. Iran, which has been boosting supply despite U.S. sanctions, also pumped more, with output hitting the highest level since 2018.

Iraq and the United Arab Emirates increased output slightly, while Angolan supply showed the largest decline in the group of 50,000 bpd due to a drop in exports.

OPEC's output is still undershooting the targeted amount by about 700,000 bpd, mainly because Nigeria and Angola lack the capacity to pump as much as their agreed level.

EF/MA