OPEC data shows Iran’s oil output fell by 0.37% in July

Iran’s Oil Ministry cited data from OPEC Secretariat in a report on Tuesday showing that Iran had produced 3.245 million barrels per day (bpd) of oil in July, down just 0.37% compared to figures reported in June.

Despite the fall in output, Iran remained the third-largest oil producer in the 12-member OPEC in July, trailing Saudi Arabia at 9.526 million bpd and Iraq at 3.902 million bpd, OPEC data showed.

Iran had produced 3.291 million bpd of oil in the June quarter, down from 3.307 million bpd in the March quarter but up from 3.29 million bpd reported in the last quarter of 2024, according to the same data.

The country had produced an average of 3.257 million bpd last year and 2.884 million bpd in 2023, the figures showed.

Total OPEC output rose by 0.263 million bpd to 27.543 million bpd in July, OPEC tables showed, as the bloc stuck to its policy of gradually removing supply cuts agreed in recent years to stabilize international oil prices.

However, the average price of Iran’s heavy-grade oil rose by $1.68 or 2.43% compared to June prices to reach $70.81 per barrel. That came as average OPEC basket prices rose by $1.24 or 1.77% to $70.97 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