(MENAFN) According to the latest monthly report from the Organization of Petroleum Exporting Countries (OPEC), Iran's oil production increased by 28,000 barrels per day (bpd) in March 2024. The report also noted a USD3.00 rise in the price of Iran's heavy oil during the same period.
In March 2024, Iran's oil production reached 3.188 million bpd, indicating a 28,000-barrel increase compared to the previous month. Meanwhile, OPEC's total crude oil production reached 26.604 million bpd in March 2024, marking a 3,000 bpd uptick from the preceding month.
The report detailed that the price of each barrel of Iran's heavy crude oil reached USD83.48 in March 2024, representing a USD3.14 increase compared to the previous month. Additionally, the average oil price of OPEC in March 2024 reached USD84.22, reflecting a USD2.99 growth from the month before.
Earlier reports from the U.S. Department of Energy highlighted Iran's significant role within OPEC, noting that Iran led in terms of production increase among OPEC members in 2023, with a rise of 330,000 bpd. According to data from the U.S. Energy Information Administration (EIA), Iran's total oil production was estimated at 2.87 million bpd by the end of 2023, compared to 2.54 million bpd in 2022.
Overall, the figures indicate that total OPEC oil production experienced a year-on-year decrease of 630,000 barrels in 2023, with OPEC producing 26.89 million bpd compared to 27.52 million bpd in 2022.
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