Iran’s crude oil production sees steady growth amid price fluctuations

(MENAFN) Iran produced an impressive 3.226 million barrels per day (bpd) of crude oil in May, marking a 7,000 bpd increase from the previous month, as highlighted in OPEC’s latest monthly report. This slight rise from the 3.219 million bpd recorded in April showcases the country's ongoing efforts to bolster its oil output.

OPEC's report also details Iran's average crude oil production for the first quarter of 2024, which stood at 3.177 million bpd. This figure represents a significant 23,000 bpd increase compared to the last quarter of 2023, indicating a positive production trend. Historically, the data reveals that Iran's average crude output for 2022 was 2.554 million bpd, which then rose to 2.859 million bpd in 2023. These consistent production increases have reinforced Iran's position as the third-largest oil producer among OPEC members.

Despite these production gains, Iran's heavy crude oil price experienced a notable decline. In May, the price per barrel fell to USD84.13, a 5.2 percent drop from the USD88.79 per barrel in March. However, the average price of Iranian heavy crude for the year to date has been USD83.41, which is higher than the USD80.46 average for the same period last year.

Adding to the context of Iran’s oil production landscape, an April report from the International Monetary Fund (IMF) highlighted a substantial increase in the country's oil production in 2023. According to the IMF, Iran's oil output rose by 500,000 bpd over the previous year, reaching 3.1 million bpd. This significant boost further underscores the Islamic Republic's robust performance in the global oil market.



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