Iran’s production of oil, gas condensate increase 8 percent in Q3
Date
10/29/2024 8:35:23 AM
(MENAFN) Iran’s Oil Ministry has reported an increase of over eight percent in crude oil and gas condensate production in the third quarter of 2024, despite ongoing U.S. sanctions. This upward trend highlights Iran's efforts to expand its energy output under restrictive economic conditions. The increase in production aligns with a broader national strategy to strengthen Iran’s position in global energy markets, and recent data from international organizations underscores the success of these efforts. According to the state-run IRNA, six years after the U.S. exited the Joint Comprehensive Plan of Action (JCPOA), Iran has managed to capture a larger share of global crude oil production.
Supporting this growth, the Organization of Petroleum Exporting Countries (OPEC) reported that in September, Iran’s oil production reached 3.316 million barrels per day (bpd), up by 21,000 bpd from August. This increase contrasts with the overall decline in OPEC production, which fell by 604,000 bpd in September. Iran’s production levels have helped maintain its status as OPEC’s third-largest oil producer, following Saudi Arabia and Iraq. Secondary sources indicate that Iran produced 3.295 million bpd in August, further demonstrating a steady upward trajectory in output.
For the third quarter of 2024, Iran's average crude oil production stood at 3.3 million bpd, reflecting a 62,000-bpd increase from the second quarter of the year. This output level also surpasses the averages recorded over the previous two years. In 2022, Iran’s oil production averaged 2.554 million bpd, and in 2023, it rose to 2.859 million bpd, showing a consistent rise in production capacity. These increases highlight Iran’s resilience in the face of sanctions and its commitment to advancing its energy industry’s growth, even under challenging circumstances.
Earlier this year, the International Monetary Fund (IMF) noted that Iran’s oil production in 2023 experienced a growth of 500,000 bpd compared to 2022, reaching an average of 3.1 million bpd. This marked a 15 percent growth in the sector for that year, contributing to the sector’s sustained double-digit growth since President Ebrahim Raisi took office. The oil sector achieved year-over-year growth rates of 10.1 percent, 10 percent, and 15 percent in 2021, 2022, and 2023, respectively, showcasing a significant recovery and development in Iran’s energy capabilities over the past three years.
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