Iran continued to increase its oil output in July despite continued restriction on its exports because of US sanctions as highest extraction was reported since late 2018 which was below 3 million barrels per day (bpd).
Latest data from the Organization of the Petroleum Exporting Countries (OPEC) showed that Iranian oil output had reached an average of 3.271 million bpd in July, up from 3.25 million bpd reported in June.
Iran remained the third largest oil supplier in OPEC after Saudi Arabia and Iraq, the data showed.
Total oil supply by OPEC’s 12 member countries reached 26.746 million bpd in July, up from 26.562 million bpd in June, the organization said, citing information it had received from secondary sources.
Saudi Arabia, the largest oil exporter in OPEC and in the world, increased its output by 97,000 bpd in July compared to the previous month, showed the OPEC data which indicated that seven other members of the bloc had experienced growth in output.
Iran, Venezuela and Libya are exempt from production cuts agreed between OPEC members and allies like Russia which together form a bloc known as OPEC+.
The OPEC data showed that the price of Iran Heavy oil grade rose by 1.1% or 91 cents month on month in July to reach 84.57 per barrel. That came against an OPEC Reference Basket price of $84.43 which was $1.1 higher than the price reported in June.
The average price for Iran Heavy in 2024 has been $83.62.
OPEC’s July forecasts about global demand for oil were unchanged from June as the organization expected that total demand for oil in the world to reach an average of 104.460 million bpd in 2024 and 106.310 million bpd in 2025.