OPEC: Iran leads 2024 global oil output with 13% rise
OPEC data showed that Iran secured the top rank worldwide for oil production in 2024, with an increase of 374,000 barrels per day (bpd) in crude oil output.
According to statistics published in the 60th issue of the Statistical Bulletin of the Organization of the Petroleum Exporting Countries (OPEC), Iran achieved the world's top position in crude oil production growth for 2024, recording a 13% increase, SHANA reported.
The feat occurred while Saudi Arabia experienced a significant decrease in production for the second consecutive year.
Iran's daily crude oil production increased by 374,000 bpd, rising from 2.884 million bpd in 2023 to 3.257 million bpd in 2024.
The United States holds second place with an increase of 274,000 bpd in daily crude oil production (equivalent to 2% growth), followed by Nigeria (+158,000 bpd), Venezuela (+138,000 bpd), and Argentina (+65,000 bpd).
Conversely, Saudi Arabia experienced a decrease of 651,000 bpd (equivalent to 7%) in daily oil production, marking the second consecutive year of decline by this magnitude for the country. Russia, with a decrease of 404,000 bpd, and Iraq, with a decrease of 256,000 bpd, are among the countries that experienced the largest production declines.
Analysis of the data indicates that global oil production in 2024 decreased by 767,000 bpd compared to the previous year, with 572,000 bpd of this reduction attributable to OPEC members.
Also last week, a report by Bloomberg said that Iranian oil output reached a 46-year high in 2024.
Citing figures from the UK Energy Institute and its Statistical Review of World Energy, the report said that Iran had produced about 4.3 million barrels per day (bpd) of crude plus another 725,000 bpd of other liquids in 2024.
The report said that as the debate plays out over the damage done to the Iranian nuclear program by US and Israeli strikes in June, one reality is clear that the country’s booming energy sector emerged unscathed.
It admitted that Iran has achieved a remarkable feat by raising its oil output to record levels at a time of increased American pressure.
According to the Bloomberg report, the sanctions “exist only on paper while the White House hypes a nonexistent policy of “maximum pressure” on the Iranian oil sector. “I only see maximum oil output,” said the report by Javier Blas.
It admitted that Iran has achieved a remarkable feat by raising its oil output to record levels at a time of increased American pressure.
According to the Bloomberg report, the sanctions “exist only on paper” while the White House hypes a nonexistent policy of “maximum pressure” on the Iranian oil sector. “I only see maximum oil output,” said the report by Javier Blas.
The world's top oil importer, China's oil imports from Iran surged in June as shipments accelerated before the Israeli-imposed war against the Islamic Republic and demand from independent refineries improved, according to analysts.
The biggest buyer of Iranian crude brought in more than 1.8 million barrels per day from June 1-20, as stated by ship-tracker Vortexa, a record high based on the firm's data.
Kpler's data put the month-to-date average of China's Iranian oil and condensate imports at 1.46 million bpd as of June 27, up from one million bpd in May.