(MENAFN) The most recent report from the U.S. Energy Information Administration (EIA) reveals that Iran's oil production reached 3.25 million barrels per day (bpd) in March 2024, showing a slight uptick of 20,000 bpd compared to the preceding month. In February, Iran's oil output was recorded at 3.23 million bpd, according to the EIA findings. Throughout the first quarter of this year, Iran maintained an average daily production of 3.2 million barrels of oil, as indicated by the report.
Significantly, Iran's oil production during the first quarter of 2024 reflects an increase of 50,000 bpd compared to the final quarter of the previous year. Moreover, when juxtaposed with the first quarter of 2023, Iran's oil production witnessed a substantial surge of 630,000 barrels per day.
During the corresponding period of the previous year, Iran produced 2.6 million bpd of oil in the first quarter and saw an increase to 3.18 million bpd in the fourth quarter. Notably, among OPEC members, Iran stands out for achieving the highest production rise over the past year, with a remarkable increase of 630,000 barrels per day, according to the EIA report.
Within OPEC, only a few members, including Gabon, Nigeria, and Venezuela, recorded increases in production over the past year. Gabon observed a rise of 10,000 bpd, Nigeria saw an increase of 40,000 bpd, and Venezuela experienced a growth of 90,000 bpd.
In terms of overall OPEC oil production, there was a decline from 27.380 million bpd in the first quarter of the previous year to 26.660 million bpd in the first quarter of 2024, marking a decrease of 720,000 barrels per day.
Based on the insights provided by the EIA report, Iran retained its position as the third-largest oil producer within the organization during March.
MENAFN17042024000045015839ID1108104489
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.