Iran is now the 3rd largest oil producer in the world OPEC members
Iran has continued to grow oil production in August to be at the level of three million barrels per hour (bpd). It is currently in third position among OPEC’s top oil producers, per figures published in the group’s most recent monthly report.
OPEC data revealed that Iran’s oil production grew by 143,000 barrels per day or 5 percent during August compared to figures that Shana reported in July. Shana reported.
The numbers indicated that Iran had returned to its position on the list of top oil producers within OPEC in August, behind Saudi Arabia and Iraq.
Iran recorded the highest increase in production of oil in OPEC in March, and the country is exempted from reductions in production that were imposed by the alliance to raise prices for oil across the globe.
Iranian price of heavy crude increased to $87.58 per barrel during August, up from $81.48 reported in July’s OPEC reports.
These figures confirm previous reports that suggested Iranian oil exports and production have surpassed records in August despite U.S. sanctions, which limit the country’s capacity to participate in regular trade of oil-related products.
The Oil Minister of Iran Javad Oji said earlier this month that the production of Iranian oil would rise to 3.4 million barrels per day by late September.–Tehran Times.
The estimates of international energy companies released earlier in the month indicated that Iran’s oil exports were close to 3.15 million barrels per day in August, when exports of oil from Iran exceeded 2 million barrels per day.
Private refineries in China made up a large portion of the oil purchases from Iran in March, as shipment volumes grew to a new mark of 1.5 million barrels per day.