The Organization of Petroleum Exporting Countries (OPEC) in its latest report has said Iran produced 3.277 million barrels per day (bpd) of crude oil in August, registering a 4,000-bpd increase compared to the previous month.
As reported, Iran has maintained its place as OPEC’s third-biggest oil producer after Saudi Arabia and Iraq.
Based on secondary sources, Iran produced 3.273 million bpd of crude oil in July, the report said.
The Islamic Republic’s average crude output for the second quarter of 2024 stood at 3.238 million bpd indicating a 59,000 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.
Iran’s average crude oil price decreased by $6.94 per barrel in August compared to July, according to the report.
According to OPEC, Iran’s crude oil was sold at $78.8 per barrel on average in the mentioned month, while the price was $84.57 in July.
Back in April, the International Monetary Fund (IMF) reported that Iran's oil production in 2023 saw an increase of 500,000 bpd in comparison to the previous year, reaching 3.1 million bpd.