Iran’s oil production has reportedly grown by 330,000 barrels per day (bpd) in 2023, posting the largest increase among OPEC members.
A latest report by the US Energy Information Administration (EIA) affiliated with the Department of Energy noted that Iran’s oil production hit 2.87 million bpd at the end of 2023.
It added that the country’s oil production stood at 2.54 million bpd in 2022.
The report also stressed that the OPEC members have produced an average 26.89 bpd of oil in 2023 down 630,000 bpd from an average 26.890 bpd reported in 2022.
The major rise in Iran’s 2023 oil production indicates that sanctions have failed to affect Iran's oil industry.