OPEC: Iran is Still the Third Largest Oil Producer

SEATTLE (Scrap Monster): The Organization of Petroleum Exporting Countries (OPEC) stated in its most recent report that as of August of this year, Iran remained the third-largest oil producer, after Saudi Arabia and Iraq.

As reported, the country produced 3.277 million barrels per day (bpd) of crude oil during the month. Based on secondary sources, Iran’s production totaled 3.273 million bpd of crude oil in July, the report said. In comparison to the first quarter of the year, the average crude output during the second quarter of this year was 3.238 million bpd, an increase of 59,000 bpd.

Iran’s average crude output stood at 2.554 million bpd and 2.859 million bpd in 2022 and 2023 respectively.

In August 2024, the average selling price of Iranian crude oil was $78.8, down from $84.57 the month before. Data from the International Monetary Fund (IMF) indicates that Iran's oil production increased by 500,000 barrels per day in 2023 to reach 3.1 million barrels per day. According to current estimates, the nation will produce 100,000 more barrels of oil per day by 2024, to take the total to 3.2 million barrels.

The country’s gas production also witnessed an increase to the equivalent of 5.1 million bpd in 2023, compared with the year before. IMF expects the production to rise further by 300,000 bpd to touch the equivalent of 5.4 million bpd in 2024.