TEHRAN – Iranian Oil Ministry has said that despite the U.S. sanctions the Islamic Republic’s crude oil and gas condensate production in the third quarter of 2024 has increased by over eight percent compared to the same period last year.

According to IRNA, more than six years after the United States' withdrawal from the JCPOA, many international organizations report that Iran has been able to increase its share of the world's crude oil production.

Earlier this month, the Organization of Petroleum Exporting Countries (OPEC) in its latest report, said Iran produced 3.316 million barrels per day (bpd) of crude oil in September, registering a 21,000-bpd increase compared to the previous month.

Based on the OPEC data, the increase in Iran’s oil production comes as the total production by the members of the organization decreased 604,000 bpd in the mentioned 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 3.295 million bpd of crude oil in August, the report said.

The Islamic Republic’s average crude output for the third quarter of 2024 stood at 3.3 million bpd indicating a 62,000-bpd increase compared to the figure for the second quarter of the year.

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.

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 IMF data, Iran's oil sector recorded a noteworthy growth of 15 percent in 2023. Over the three years of late President Ebrahim Raisi’s tenure, this sector experienced 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 will be added to Iran's oil exports, reaching 1.5 million bpd.

EF/MA