Iran’s oil production continued to surge in May so that the country is now named the fourth biggest producer among OPEC member countries, according to a report by the International Energy Agency (IEA).
The latest IEA update of the global oil market suggests that the Iranian oil production rose to 28.5 million barrels per day (bpd) in May from 28.88 million bpd in April, posting a 380,000 bpd MOM increase.
Iran has witnessed the biggest increase in output among the OPEC members, according to the report.
The country has continued to raise its oil output in consecutive months outperforming Kuwait to become OPEC’s fourth biggest oil producer.
Saudi Arabia with an aggregate 9.98 million bpd, Iraq with 4.09 million bpd, and the UAE with 3.2 million bpd of production ranked as OPEC’s first to third biggest oil producers in May.