Iran has produced an average 3.23 million barrels per day (bpd) of oil in the first three months of 2024, indicating a year-on-year increase of about 650,000 bpd, according to a recent report by the US Energy Information Administration (EIA).
The report put Iran’s oil production during January-March of 2023 at around 2.6 million bpd.
It added that Iran has made the biggest YOY growth among the OPEC member states.
As of the first quarter of 2024, Iran ranked as the third-largest OPEC producer, following Saudi Arabia and the UAE.