Iran's oil production stands at 3.2M bpd in February

3/14/2024 7:19:39 AM

(MENAFN) According to a report by the U.S. energy Information Administration (EIA), Iran's oil production averaged 3.2 million barrels per day (bpd) in February. Concurrently, OPEC's total output for the same month saw an increase of 170,000 bpd, reaching 26.47 million bpd.

However, OPEC's latest monthly report cited Iran's crude oil production at 3.148 million bpd in February, reaffirming Iran's position as the third-largest oil producer within OPEC during that period.

Furthermore, the report highlighted that the price of Iran's heavy crude experienced a moderate uptick of 20 cents in February, reaching USD80.34 per barrel. This incremental increase in crude prices reflects ongoing market dynamics and factors influencing global oil markets.

In parallel, Mehdi Fakour, the director of the National Iranian Oil Company (NIOC) Explorations Department, announced significant growth in Iran's oil exploration activities under the administration of President Ebrahim Raisi.

Fakour stated that oil explorations in Iran have witnessed a remarkable 300 percent increase over the past two years since President Raisi assumed office in August 2021.

He emphasized that this surge in exploration efforts encompasses various sectors and represents a notable advancement compared to exploration activities conducted over the previous five years.

Fakour further elaborated that the oil exploration endeavors undertaken during the first two years of President Raisi's administration alone have contributed to this impressive 300 percent surge in exploration activities.

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