Iran’s oil production in July reached 3.22 million barrels per day (bpd), the highest level since the U.S. withdrew from the nuclear pact with Iran and re-imposed sanctions on the country in 2018, Reuters reported.
Based on a Reuters survey published on Friday, Iran has been boosting exports in the last few years despite U.S. sanctions remaining in place.
OPEC in its latest report released in early July said Iran produced 3.251 million bpd of crude oil in June, registering a 13,000-bpd increase compared to the previous month.
Based on secondary sources, Iran produced 3.238 million bpd of crude oil in May, the report said.
The Islamic Republic’s average crude output for the second quarter of 2024 stood at 3.237 million bpd indicating a 58,000-bpd increase compared to the figure for the first quarter of the year, the report said.
The report put the average Iranian crude output for 2022 at 2.554 million bpd, while the average output in 2023 was 2.859 million bpd.
These statistics show that the Islamic Republic has maintained its place as the third-largest oil producer among the OPEC members.
Iran’s average crude oil price increased by $4.76 per barrel in the first half of 2024 compared to the same period last year, according to the report.
According to OPEC, Iran’s crude oil was sold at $83.65 per barrel on average in the mentioned period.