OPEC: Iran’s production increases by 14K bpd in April
Date
5/15/2024 9:27:31 AM
(MENAFN) In April, Iran's crude oil production reached 3.212 million barrels per day (bpd), marking a modest increase of 14,000 bpd compared to the preceding month, according to the latest monthly report from the Organization of the Petroleum Exporting Countries (OPEC).
The report, citing secondary sources, indicated that Iran's crude oil production stood at 3.198 million bpd in March, setting the context for April's uptick.
Across the first quarter of 2024, Iran's average crude output averaged 3.174 million bpd, reflecting a notable increase of 22,000 bpd compared to the fourth quarter of 2023, as outlined in the report.
These figures underscore Iran's consistent presence as the third-largest oil producer among OPEC member nations.
Furthermore, the OPEC report revealed that Iran's heavy crude oil price experienced a noteworthy rise in April, reaching USD88.79 per barrel, representing a 6.4 percent increase from the previous month's figure of USD83.46 per barrel in March.
In terms of annual averages, Iran's crude oil output averaged 2.554 million bpd in 2022 and increased to 2.859 million bpd in 2023.
The International Monetary Fund (IMF) also provided insights into Iran's oil production trends, reporting a significant uptick in 2023. Oil production surged by 500,000 bpd compared to the previous year, reaching 3.1 million bpd. This growth in the oil sector translated into a remarkable 15 percent expansion in Iran's oil-dependent economy over the course of 2023.
Under the leadership of President Ebrahim Raisi, the oil sector has demonstrated robust growth, with double-digit expansions recorded annually. Notably, growth rates of 10.1 percent, 10 percent, and 15 percent were achieved in 2021, 2022, and 2023, respectively, showcasing the sector's resilience and contribution to Iran's economic development during this period.
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