Iran’s share in world oil output increased in Q3: Oil Ministry
The Ministry of Oil announced on Monday that Iran’s crude oil and gas condensate production in the third quarter of 2024 increased by more than eight percent compared to the same period last year.
The report of the US Energy Information Administration (EIA) shows that in July-September of 2024, Iran produced 4.42 million barrels of crude oil and gas condensate per day, as the corresponding figure for 2023 stood at 3.99 mbd which indicates 8.8% of growth, IRNA reported.
Iran’s oil industry has always faced the most severe sanctions in recent decades. These sanctions began by restricting the presence of international companies and continued during the presidency of Donald Trump in the United States with the aim of reducing Iran’s oil exports to zero.
But Iran’s oil exports never reached zero, and even US officials underlined the ineffectiveness of sanctions against Iran’s oil industry.
EIA figures indicated that global oil production reached 102.5 mbd in the third quarter of 2024, which was 101.8 million barrels per day in the same period last year.
The Organization of Petroleum Exporting Countries (OPEC) in its latest report said Iran produced 3.316 million barrels per day (bpd) of crude oil in September, registering a 21,000-bpd increase compared to the previous month.
Based on the OPEC data, the increase in Iran’s oil production comes as the total production by the members of the organization decreased 604,000 bpd in the said month.
Iran has maintained its place as OPEC’s third-biggest oil producer after Saudi Arabia and Iraq.
Based on secondary sources, Iran produced 3.295 million bpd of crude oil in August, the report said.