Iran emerges as 2nd largest producer of liquid fuels within OPEC

(MENAFN) In a significant development, Iran has surpassed Iraq to become the second-largest producer of liquid fuels within the Organization of Petroleum Exporting Countries (OPEC). According to data from the U.S. Department of Energy, Iran's production of liquid fuels experienced a notable increase of 110,000 barrels in the first quarter of the current year (January to March), positioning it as the leading producer of these products within OPEC after Saudi Arabia.

The Energy Information Administration, an entity under the U.S. Department of Energy, highlighted Iran's robust performance in its latest report titled "World Short-Term Energy Outlook." The report revealed that Iran's oil production reached 3.230 million barrels per day (bpd) in the first quarter of 2024, marking a noteworthy increase compared to previous periods. Specifically, Iran's crude oil production saw a rise of 50,000 barrels per day compared to the corresponding period last year.

Building on this momentum, the report anticipates further growth in Iran's crude oil production, forecasting an average production exceeding three million barrels per day for the entirety of 2024. Moreover, the department's data underscores the comprehensive nature of Iran's liquid fuel production, encompassing not only crude oil but also condensates. In the first quarter of 2024, Iran's total liquid fuel production, including both crude oil and condensates, reached an impressive volume of 4.42 million barrels per day.

This substantial increase in Iran's liquid fuel production underscores the country's pivotal role within OPEC and its growing influence in the global energy market. With ongoing efforts to enhance production capacity and optimize resource utilization, Iran is poised to further strengthen its position as a key player in the international oil and gas arena, contributing to global energy security and stability.



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