OPEC reports Iran’s oil production remains increasing
Date
7/14/2024 4:24:15 AM
(MENAFN) In its latest report, the Organization of petroleum Exporting Countries (OPEC) has indicated that Iran's crude oil production reached 3.251 million barrels per day (bpd) in June, reflecting a modest increase of 13,000 bpd compared to May, when production was recorded at 3.238 million bpd based on secondary sources. For the second quarter of 2024, Iran's average crude output was 3.237 million bpd, which marks a significant rise of 58,000 bpd from the first quarter.
The report also highlights Iran's crude oil production averages, noting that in 2022, the average output stood at 2.554 million bpd, while in 2023, it rose to 2.859 million bpd. These figures reaffirm Iran's position as the third-largest oil producer among OPEC members.
In terms of pricing, the average price of Iranian crude oil saw an increase of USD4.76 per barrel in the first half of 2024 compared to the same period last year, with the average price reaching USD83.65 per barrel. In contrast, Saudi Arabia experienced a slight decrease in crude oil prices, with an average of USD85.31 per barrel. OPEC's overall average crude oil price in June 2024 was USD83.32 per barrel, down by 37 cents from the previous month.
Furthermore, the International Monetary Fund (IMF) reported in April that Iran's oil production in 2023 increased by 500,000 bpd from the previous year, reaching 3.1 million bpd. This growth is part of a broader trend, as Iran's oil sector demonstrated remarkable resilience with a 15 percent growth in 2023. Over the past three years of late President Ebrahim Raisi’s administration, the oil sector achieved double-digit growth rates of 10.1 percent in 2021, 10 percent in 2022, and 15 percent in 2023, underscoring the sector's crucial role in the Iranian economy.
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