Iran oil, condensate output rises 300,000 bpd in July, EIA data shows
Iran's oil and condensate production rose by 300,000 barrels per day (bpd) in July from the previous month to 3.91 million bpd, the US Energy Information Administration (EIA) said in its latest report, according to Tasnim news agency.
Iran's oil and condensate output had also increased by 150,000 bpd in June from the previous month, marking a second consecutive monthly rise since the start of the conflict in the Strait of Hormuz.
Iran produced 3 million bpd of crude oil and 910,000 bpd of condensates in July, the report showed. Crude oil production rose by 200,000 bpd from June, while condensate production increased by 100,000 bpd.
The signing of a memorandum of understanding between Iran and the United States after 40 days of war on April 8 and a reduction in maritime restrictions were the main factors behind the increase in Iran's oil production in July, according to the report.
The increase was also reflected in the latest data from OPEC's secretariat based on secondary sources. Iran's oil production rose by 26,000 bpd in July from the previous month to 2.478 million bpd, according to the data. Iran's output increased from 2.451 million bpd in June, keeping the country in third place among OPEC producers.
Saudi Arabia remained the group's largest producer with output of 7.352 million bpd, followed by Iraq at 2.621 million bpd.
Total crude oil production by OPEC members rose by 1.659 million bpd in July from the previous month to 23.632 million bpd, according to OPEC data.
The Strait of Hormuz, one of the world's most important energy transit routes, has been at the center of contention between Iran and the United States since the latter waged a war of aggression with Israel against the Islamic Republic in late February.
In response, Iran closed the strait and began talks with Oman to establish a joint mechanism for shipping arrangements. The move pushed oil prices from around $70 a barrel to above $100, with prices topping $110 on some days.