OPEC: oil output in Iran reaches 3.259 million bpd last month
Date
11/13/2024 8:28:42 AM
(MENAFN) In its latest report, the Organization of Petroleum Exporting Countries (OPEC) stated that Iran’s crude oil production reached 3.259 million barrels per day (bpd) in October, a slight decrease from 3.327 million bpd in September. Despite this drop, OPEC’s report showed a general increase in oil production across its member states, with total output rising by 466,000 bpd to 26.535 million bpd in October.
Additionally, the price of Iran’s heavy oil saw a minor increase of USD1.47 (0.6 percent) from USD73.59 in September to USD74.06 in October, according to OPEC data. This growth in oil production and prices comes despite the continued impact of U.S. sanctions, with the Iranian Oil Ministry reporting an over 8 percent increase in crude oil and gas condensate production in the third quarter of 2024, compared to the same period last year.
In the broader context, international organizations have noted that, despite the challenges posed by sanctions and the U.S. withdrawal from the Joint Comprehensive Plan of Action (JCPOA), Iran has managed to increase its share in global crude oil production. The International Monetary Fund (IMF) highlighted this growth in April, reporting that Iran's oil production rose by 500,000 bpd in 2023 compared to the previous year, reaching 3.1 million bpd.
Looking ahead, forecasts suggest that Iran’s oil production could further increase by 100,000 bpd in 2024, reaching a total of 3.2 million bpd. This growth reflects the resilience of Iran’s oil sector, which has consistently recorded positive growth under President Ebrahim Raisi’s tenure, including 10.1 percent, 10 percent, and 15 percent growth in the years 2021, 2022, and 2023, respectively.
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