Iran’s oil output hits 3.1 million bpd in October: EIA

The US Energy Information Administration (EIA) in its latest report said Iran produced 3.1 million barrels of oil per day (bpd) in October 2023, stabilizing its third place in the Organization of Petroleum Exporting Countries (OPEC).

According to Tasnim news agency, Iran’s oil production volume increased by 50,000 barrels in October 2023 compared to a month earlier.

Iran had produced 3.05 million bpd in September 2023.

The report added that Iran’s oil output has been on an upward trajectory since the beginning of 2023, with the country’s oil production increasing by more than 500,000 barrels.

By increasing its oil output volume, Iran managed to regain its position among major OPEC producers.

Iran managed to overtake Kuwait in the production of oil in April 2023. In addition, Iran’s oil production volume exceeded that of the United Arab Emirates in August 2023.

Saudi Arabia and Iraq stood in the first and second places in OPEC by producing 9 million and 4.32 million bpd respectively, the EIA 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 27.77 million bpd in October 2023, the report added.

ME