TEHRAN – The Organization of Petroleum Exporting Countries (OPEC) in its latest report has said Iran produced 3.277 million barrels per day (bpd) of crude oil in August, registering a 4,000-bpd increase compared to the previous month.

As reported, Iran has maintained its place as OPEC’s third-biggest oil producer after Saudi Arabia and Iraq.

Based on secondary sources, Iran produced 3.273 million bpd of crude oil in July, the report said.

The Islamic Republic’s average crude output for the second quarter of 2024 stood at 3.238 million bpd indicating a 59,000 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 2023 was 2.859 million bpd.

Iran’s average crude oil price decreased by $6.94 per barrel in August compared to July, according to the report.

According to OPEC, Iran’s crude oil was sold at $78.8 per barrel on average in the mentioned month, while the price was $84.57 in July.

Back in April, the International Monetary Fund (IMF) reported that Iran's oil production in 2023 saw an increase of 500,000 bpd in comparison to the previous year, reaching 3.1 million bpd.

According to the IMF data, the oil sector of Iran's economy recorded a noteworthy growth of 15 percent in 2023. Over the three years of late President Ebrahim Raisi’s tenure, this sector experienced a double-digit growth; therefore, the oil sector saw 10.1 percent, 10 percent, and 15 percent growth respectively in 2021, 2022, and 2023.

It is predicted that Iran's oil production will increase by another 100,000 bpd, reaching 3.2 million bpd in 2024.

Iran's gas production also increased from the equivalent of 4.8 million barrels of oil per day in 2022 to the equivalent of 5.1 million bpd in 2023. According to IMF, the figure is expected to rise by 300,000 bpd to reach the equivalent of 5.4 million bpd in 2024.

Iran exported 1.4 million barrels of oil per day in 2023, indicating an increase of 500,000 barrels compared to its oil export data in the previous year, and it is expected that in the current year, an additional 100,000 barrels would be added to Iran's oil exports, reaching 1.5 million bpd.

EF/MA