Iran boosts oil output to pre-sanction levels, OPEC sees overall increase

(MENAFN) The Islamic Republic of Iran has achieved a significant milestone by ramping up its daily oil production to 3.15 million barrels per day (bpd), marking its highest output since 2018 when the United States re-imposed sanctions on the country. This information has been corroborated by Reuters surveys and separate data from OPEC (Organization of the Petroleum Exporting Countries).

Analysts have attributed this surge in Iranian oil exports to the country's adeptness at circumventing U.S. sanctions, coupled with Washington's selective enforcement of these sanctions, as revealed in a recent survey conducted on Monday.

It is noteworthy that OPEC, as a whole, has experienced an increase in oil production for the second consecutive month in September, according to the survey. This growth is driven primarily by rising production figures from Nigeria and Iran, despite Saudi Arabia and other OPEC+ alliance members maintaining ongoing cuts in production to stabilize the global oil market.

In the preceding month, OPEC collectively pumped a total of 27.73 million bpd, indicating an uptick of 120,000 bpd compared to August. This increase in August marked the first rise in production since February.

The surge in September's oil production was spearheaded by Nigeria, which has been grappling with challenges such as crude theft and security issues in its oil-rich regions. Iran, on the other hand, has been steadily increasing its oil supply despite the imposition of U.S. sanctions, achieving production levels not seen since 2018.


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