Iran’s oil production rises by 80k bpd in May
The International Energy Agency (IEA) on Sunday announced that Iran’s oil production volume in the fifth month of 2023 reached 2.87 million barrels per day (bpd).
In its latest monthly report of the global oil market, the agency put the total oil produced by member states of the Organization of the Petroleum Exporting Countries (OPEC) in May 2023 at 28.5 million bpd, showing a 380,000 barrel slump compared to a month earlier, Tasnim news agency reported.
Over 28.88 million barrels of oil per day were produced by 13 OPEC member states in April 2023, it added.
According to the report, Iran has experienced the maximum amount of rise in oil production among other OPEC member states in May, while other member states have either had a production slump, or their production has not changed.
Iran’s daily crude oil production volume reached 2.87 million barrels of oil per day in May 2023, registering an 80,000-barrel hike compared to a month earlier.
Saudi Arabia was introduced as the largest oil-producing country in OPEC, with the production of 9.98 million bpd, followed by Iraq and the United Arab Emirates (UAE), respectively.
Saudi Arabia’s oil production volume decreased by 500,000 barrels of oil per day in May 2023.