Iran’s oil production keeps rising despite sanctions, OPEC data show

Iran continued to raise its oil production in August despite the continued pressure of US sanctions that restrict the country’s ability to sell oil in international markets, according to latest data by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC data cited in a Tuesday report by the official IRNA news agency showed that Iran’s oil production had averaged 3.277 million barrels per day (bpd) in August, up just 4,000 bpd from July.

The increase came despite a fall in total OPEC output in August as the bloc produced 26.588 million bpd of oil, down 0.197 million bpd from July.

Iran remained the third largest OPEC producer in August after Saudi Arabia an Iraq which pumped 8.983 million bpd and 4.228 million bpd, respectively, showed the OPEC data.

Nigeria had the largest increase in oil production among OPEC members in August as the African country raised its output by 57,000 bpd compared to July.

Iran, Venezuela and Libya are exempt from a series of output cuts agreed between members of the OPEC and allied countries like Russia, a grouping which is known as the OPEC+.

Iran has significantly increased its oil exports and production in the past three years despite US sanctions that restrict its oil sales.

Exports have reached over 1.5 million bpd from lows of around 0.3 million bpd seen in 2019. The Iranian government has offered discounts to private buyers in China while relying on the expertise and investment provided by domestic companies to develop its oilfields.

Latest OPEC data, which is based on information from secondary sources, showed that the average price of Iran’s heavy oil grade had declined by $6.94 to $77.63 in August. That came against a $6.2 rise in OPEC basket prices which reached $83.3 last month.

OPEC’s forecast about global oil demand in 2024 was flat on figures announced in July when the organization said that the world’s oil demand will increase by 2.3 million bpd to 104.024 million bpd this year.

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