• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 1 hour Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 mins How Far Have We Really Gotten With Alternative Energy
Magnesium Battery Breakthrough Could Challenge Lithium-Ion Dominance

Magnesium Battery Breakthrough Could Challenge Lithium-Ion Dominance

Tohoku University researchers have developed…

OPEC+ Can Stop An Oil Rally To $100

OPEC+ Can Stop An Oil Rally To $100

The OPEC+ group could influence…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Iran Boosts Oil Output To 3.1 Million Bpd

  • According to a member of the energy committee at the Iranian Parliament, Iran’s oil output has climbed to 3.1 million barrels per day.
  • The country has boosted its oil output by nearly 1 million bpd since President Ebrahim Raisi took office in August 2021.
  • Not since President Donald Trump imposed sanctions on Iran’s oil exports back in 2018 has Iran produced oil at its current levels.
oil

Iran’s oil output has jumped to the highest in nearly five years, to 3.1 million barrels per day (bpd), a member of the energy committee at the Iranian Parliament was quoted as saying this weekend.

Iran has boosted output by nearly 1 million bpd since President Ebrahim Raisi took office in August 2021. Iranian oil production increased from 2.2 million bpd back then to 3.1 million now, Hossein Hosseinzadeh, a member of the energy committee at the Iranian Parliament, the Majlis, told Iranian news agency IRNA.

According to estimates by Argus, the last time Iran produced that much oil was in October 2018.

That was the year in which then-U.S. President Donald Trump re-imposed sanctions on Iran’s oil exports after withdrawing the United States from the nuclear deal.

Despite the sanctions, Iran has continued to export oil, in lower quantities, mostly to China.

Per OPEC’s secondary sources in its latest Monthly Oil Market Report, Iranian crude oil production stood at 2.754 million bpd in June, up by 56,000 bpd compared to May, and higher than the 2022 average of 2.554 million bpd. Iran itself has not reported production figures to OPEC since the U.S. sanctions on its oil industry returned in 2018.

The higher production in recent months has been supported by stronger Iranian exports to China, Venezuela, and Syria.

Amid intensified competition for Russian crude, private Chinese refiners have been buying increasing volumes of Iranian crude as competition for Russian oil from China's major state-held refiners and from Indian buyers has made Moscow's barrels relatively more expensive, Bloomberg reported earlier this year.

More recently, Iran’s crude and condensate exports in the second quarter of this year averaged 1.35 million bpd, up by 300,000 bpd from the previous quarter and an increase of 350,000 bpd compared to the 2022 average, per data from Vortexa. The Iranian oil exports in Q2 were the highest quarterly shipments since the U.S. sanctions came into effect at the end of 2018, Armen Azizian, Crude Market Analyst at Vortexa, wrote early this month.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News