Iran's October Oil Production Hits 3.259 Million BPD: OPEC

Photo: www.tehrantimes.com

OPEC's latest report shows Iran's crude oil production was 3.259 million bpd in October, down from 3.327 million bpd in September, The Caspian Post reports citing Tehran Times.

Based on the OPEC data, the oil production by the organizations’ member states has increased 466,000 bpd from the output in September to 26.535 million bpd in October.

According to the organization’s reported, Iran’s heavy oil price increased by $1.47 (0.6 percent) from $73.59 in September to $74.06 in October.

Iranian Oil Ministry has said that despite the U.S. sanctions the Islamic Republic’s crude oil and gas condensate production in the third quarter of 2024 has increased by over eight percent compared to the same period last year.

According to IRNA, more than six years after the United States' withdrawal from the JCPOA, many international organizations report that Iran has been able to increase its share of the world's crude oil production.

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.

According to IMF data, Iran's oil sector recorded a noteworthy growth of 15 percent in 2023. Over the three years of late President Ebrahim Raisi’s tenure, this sector experienced double-digit growth; therefore, the oil sector saw 10.1 percent, 10 percent, and 15 percent growth, respectively, in 2021, 2022, and 2023.

It is predicted that Iran's oil production will increase by another 100,000 bpd, reaching 3.2 million bpd in 2024.

Iran's gas production also increased from the equivalent of 4.8 million barrels of oil per day in 2022 to the equivalent of 5.1 million bpd in 2023. According to IMF, the figure is expected to rise by 300,000 bpd to reach the equivalent of 5.4 million bpd in 2024.

Iran exported 1.4 million barrels of oil per day in 2023, indicating an increase of 500,000 barrels compared to its oil export data in the previous year, and it is expected that in the current year, an additional 100,000 barrels will be added to Iran's oil exports, reaching 1.5 million bpd.