U.S. senators and Western media have confirmed the increase in Iran’s oil production and exports despite sanctions over the past two years, Iranian Oil Minister Javad Owji has said.
Iran has produced as much as 3 million barrels per day (bpd) of crude oil in August to regain its position as the third-largest crude oil producer among OPEC member countries, according to the latest OPEC data.
OPEC oil output rose in August as Iranian supply rose to its highest since 2018, a Reuters survey found on Thursday.
Iran’s oil production and exports jumped in August despite the US sanctions, according to consultants and companies that track tanker shipments.
Iran is expected to produce as much as 3.5 million barrels per day (bpd) by late September despite tough Western sanctions on the country, according to Deputy Oil Minister Mohsen Khojastehmehr.
Iran will not tolerate any violation of its rights in shared fields and the country will pursue its interests in shared Arash gas field, according to Oil Minister Javad Owji.
Figures by the Organization of Petroleum Exporting Countries (OPEC) show that Iranian oil export revenues rose by 67% last year despite continued pressure of American sanctions on the country.
Iran’s oil production continued to surge in May so that the country is now named the fourth biggest producer among OPEC member countries, according to a report by the International Energy Agency (IEA).
A recent report by the Energy Institute has put Iran as the world’s third largest gas producer and eighth largest oil producer in 2022.
Data from the International Energy Agency (IEA) show that Iran’s crude oil output has increased by about 350,000 b/d since the beginning of 2023 in spite of US-led sanctions targeting the country’s oil sector.