A recent report by the International Energy Agency (IEA) suggests that Iran’s oil production has increased by 30,000 barrels per day (bpd) in February to hit 3.2 million bpd.
The IEA report put the total output of OPEC members at 26.91 million bpd in February which is up 140,000 bpd compared to that of the preceding month.
Iran, Libya, Venezuela and Saudi Arabia were the four OPEC members that registered increases in their output in February.
Congo, Kuwait and Nigeria saw slight declines in output and the production of other OPEC members remained unchanged.