Iran 3rd Biggest Oil Producer among OPEC Members
According to the OPEC’s latest report, Iran produced 3.128 million bpd of crude oil in November, registering a 7,000 bpd increase compared to the previous month.
It added that based on secondary sources, Iran produced 3.121 million bpd of crude oil in October.
The Islamic Republic’s average crude output for the third quarter of 2023 stood at 3.003 million bpd indicating a 35,000 bpd increase compared to the figure for the second quarter of the year.
The report put the average Iranian crude output for 2022 at 2.554 million bpd, while the average output in 2021 was 2.392 million bpd.
These figures showed that Iran has maintained its place as the third-largest oil producer among the OPEC members.
The country’s heavy crude oil price stood at $85 in November, registering a 7.2 percent decline compared to the previous month, according to the OPEC report. Iran sold its heavy crude oil at $91.55 per barrel in October.
The country’s average heavy crude price was $83.47 since the beginning of 2023 up to the report’s publishing date, in comparison to $101.76 in the previous year’s same period.
Earlier, the latest data by the Monthly Oil Market Report (MOMR) had said that OPEC’s crude oil production witnessed a noticeable uptick in September in comparison with August.
According to the MOMR's report, OPEC’s crude oil production surged to 27.755 million barrels per day (bpd) in September, marking an increase of 273,000 bpd from the previous month’s figure of 27.482 million bpd in August.
The report, which relies on secondary sources for its data, highlighted Iran’s remarkable surge in its oil production, reaching 3.058 million bpd in September, showing a 15,000-barrel increase when compared to its preceding month. This marked a milestone for Iran, as it signaled the highest production levels the country has seen in years. The increase in production aligns with Iran’s efforts to restore its oil output to pre-sanctions levels.
The most significant boost in production came from Nigeria, with a month-over-month increase of 141,000 bpd, the report continued.
Saudi Arabia, a key player in OPEC, also contributed to the production surge, reporting an increase of 82,000 bpd. Several other OPEC member nations also saw incremental production growth, albeit on a smaller scale.
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