Iran maintains position as OPEC’s 3rd largest oil producer last month
Date
9/15/2024 3:15:04 AM
(MENAFN) In its most recent report, the Organization of petroleum Exporting Countries (OPEC) revealed that Iran produced 3.277 million barrels per day (bpd) of crude oil in August. This figure marks an increase of 4,000 bpd compared to the previous month. Despite fluctuations, Iran has maintained its position as the third-largest oil producer within OPEC, trailing behind Saudi Arabia and Iraq. The report indicated that in July, Iran’s crude oil production was slightly lower at 3.273 million bpd, demonstrating the nation's consistent production capabilities.
For the second quarter of 2024, Iran's average crude oil output was recorded at 3.238 million bpd, which represents a notable increase of 59,000 bpd from the first quarter of the year. This growth highlights the upward trend in Iranian oil production, building on the average output figures from previous years. The report also showed that Iran’s crude oil production averaged 2.554 million bpd in 2022 and increased to 2.859 million bpd in 2023, reflecting a steady rise in production capacity over recent years.
The report further noted a decrease in the average price of Iranian crude oil in August, which fell by USD6.94 per barrel compared to July. Specifically, Iranian crude was priced at an average of USD78.8 per barrel in August, down from USD84.57 in July. This decline in price comes despite an increase in production, indicating fluctuations in market conditions and pricing dynamics.
According to the International Monetary Fund (IMF) in April, Iran's oil production for 2023 saw a significant increase of 500,000 bpd compared to the previous year, reaching 3.1 million bpd. The IMF data highlighted a 15 percent growth in Iran’s oil sector in 2023, following growth rates of 10.1 percent in 2021 and 10 percent in 2022. The forecast for 2024 suggests that Iran's oil production could further rise by an additional 100,000 bpd, reaching an estimated 3.2 million bpd. Additionally, Iran’s gas production is expected to grow to the equivalent of 5.4 million bpd by 2024, up from 5.1 million bpd in 2023. Iran's oil exports also saw a rise in 2023, reaching 1.4 million bpd, with projections indicating a further increase to 1.5 million bpd in the current year.
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