OPEC reports slight increase in Iran oil output in September

Iran’s oil production continued to rise in September despite a global decline in output and restrictions imposed on the country’s exports because of US sanctions.

News ID: ۲۰۰۰۱۷۳

15 October 2024

EghtesadOnline: Latest data by the Organization of the Petroleum Exporting Countries (OPEC) cited by local news agencies on Monday showed that Iran’s oil output had increased by 0.6% in September to reach an average of 3.316 million barrels per day (bpd).

That came as total OPEC output had declined by 2.3% to 26.044 million bpd in September.

The increased output also came despite a continued regime of US sanctions that restrict Iran’s ability to export crude oil.

The OPEC data showed that Iran was the third largest oil producer in the bloc in September after Saudi Arabia with 8.971 million bpd and Iraq with 4.112 million bpd of output.

The two Arab countries, which have agreed to production cuts to boost global oil prices, reduced their crude output in September, the OPEC figures showed. Iran, along with Libya and Venezuela, are exempt from the cuts.

There was a slight increase of 47,000 bpd in oil production by members of a Russia-led bloc of oil producing nations, which together with the OPEC form the OPEC+ grouping.

The OPEC+ output fell by 557,000 bpd to 40.104 million bpd in September, OPEC data showed.

The slight increase in Iranian oil production in September was the largest among all OPEC members, the organization said, adding that Venezuela, Ecuador and Kuwait had also raised their output compared to August.

The Iranian heavy oil price dropped by 5.2% in September compared to August to trade at $73.59 per barrel, flat on OPEC’s September basket price and down from a 2024 average of $81.85 a barrel, the OPEC data showed. / Mehr