Iran’s oil production volume increased by 50,000 barrels in October 2023 compared to a month earlier.
According to the statistics, Iran had produced 3.50 million barrels of oil per day (bpd) in September 2023.
The administration went on to say that Iran’s oil output has been on an upward trajectory since 2023 in a way that the country’s oil production has increased by more than 500,000 barrels since the beginning of the current year (January 2023).
By increasing its oil output volume, Iran managed to regain its position among major OPEC producers.
Accordingly, Iran managed to overtake Kuwait in the production of oil in April 2023. In addition, Iran’s oil production volume exceeded the United Arab Emirates in August 2023.
Saudi Arabia and Iraq stood at the first and second places in OPEC by production 9 million and 4.320 million barrels of oil per day (bpd) respectively, the administration added.
OPEC’s total crude production volume decreased by 70,000 bpd in October 2023 compared to the month before.
OPEC’s member states managed to produce 27.770 million oil barrels per day (bpd) in October 2023, the report added.
SD/TSN