TEHRAN – The U.S. Energy Information Administration (EIA) in a recent report has put Iran’s average oil production in 2022 at 2.54 million barrels per day (bpd), 140,000 bpd more than the previous year.

Iran's oil production in 2021 was about 2.4 million bpd.

Based on the EIA report, dubbed “Short-term Energy Outlook”, the Islamic republic managed to produce 2.56 million bpd of crude oil on average in the last quarter of 2022.

Iran's oil output stood at 2.58 million bpd in the last month of 2022, according to EIA data.

Accordingly, Iran's oil production in December 2022 increased by 20,000 barrels compared to the previous month and by 130,000 barrels compared to the same period in 2021.

In November 2022, Iran produced more than 2.56 million bpd of oil, and in December 2021 more than 2.45 million bpd.

According to this report, OPEC oil production in December 2022 was about 28.93 million bpd, which has increased by 190,000 barrels per day compared to the previous month.

In a previous report, EIA had put Iran’s oil revenues at about $34 billion in seven months to July 2022.

The EIA figures showed that Iran's oil revenue in January-July was just $5 billion lower than the country's total crude sales in 2021.

Based on the EIA report, Iran's average monthly income from oil sales in January-July has been $4.85 billion, 49 percent more than the average monthly income in the previous year which was $3.25 billion.

Iran's oil revenue in the said seven months is twice the whole income in 2020, indicating that the impacts of the U.S. sanctions against Iran are weakening.

Iran earned $17 billion in oil revenue in 2020 and $39 billion in 2021, and according to EIA, the Islamic Republic’s oil revenue will reach $58 billion in 2022.

EIA put the total oil income of 13 OPEC members in the mentioned months at $500 billion.

Iran has been ramping up its oil production and exports over the past year as the country has been implementing new strategies to overcome U.S. sanctions.

The International Energy Agency (IEA) in its latest “Oil Market Report”, released earlier this month, put Iran’s oil production in December at 2.72 million bpd indicating that the country has risen to fourth place among OPEC’s top oil producers.

Based on the report, Iran’s oil output in the last month of 2022 did not change compared to November, however, the figure was 210,000 bpd more than that of October.

OPEC’s total crude production in December stood at 29.19 million bpd, 40,000 bpd less than the previous month.

EF/MA