Iran’s oil output down 1.87% in June, OPEC data shows

Iran’s oil production fell slightly in June amid an Israeli war of aggression against the country and despite a general rise in output by major oil producers, according to the latest data by the Organization of the Petroleum Exporting Countries (OPEC).

News ID: 2001569

OPEC data cited in a Wednesday report by the IRIB News showed that Iran had produced 3.241 million barrels per day (bpd) of oil in June, down 1.87% compared to figures reported in May.

Iran’s June quarter oil output reached 3.291 million bpd, down from 3.307 million bpd in the March quarter but up from 3.29 million bpd reported in the last quarter of 2024, the figures showed.

The country had produced an average of 3.257 million bpd last year and 2.884 million bpd in 2023, according to the same data.

Total OPEC output rose by 0.81% to 27.235 million bpd in June, amid efforts in the bloc to gradually remove cuts agreed in recent years to stabilize international oil prices.

Despite the fall in output in June, Iran remained the third largest oil producer in the 12-member OPEC, trailing Saudi Arabia at 9.356 million bpd and Iraq at 3.943 million bpd, OPEC tables showed.

However, the average price of Iran’s heavy-grade oil rose $5.88 or 9.2% compared to May prices to reach $69.13 per barrel. That came as average OPEC basket prices rose by $6.11 or 9.6% to $69.73 per barrel in June, according to the tables.

Iran has consistently raised its oil output in recent months despite the growing pressure of the US sanctions on its exports.

The country fought a 12-day war with the Israeli regime starting June 13, which slightly affected shipping activities in the Persian Gulf./isna