OPEC says Iran raised crude oil output in March by 6.3%
Iran increased its crude oil output in March by 6.3%, according to latest data by the Organization of Petroleum Exporting Countries (OPEC), as the country moves to offset cuts to production suffered in recent years because of US sanctions.
OPEC tables cited in reports published on Wednesday showed that Iran’s crude output had surged by 137,000 barrels per day (bpd) in the month to March 21 compared to similar period leading to February 21 to reach 2.304 million bpd.
The figures, compiled on accounts obtained from secondary sources, showed that Iran had the highest increase in daily crude output among 13 OPEC member states over the studied period.
Iran had produced 3.2% more crude in February compared to January, according to the same figures which showed that the country’s output had reached 2.167 million bpd on February 21.
Iran’s average output in 2020 had amounted to 1.985 million bpd, down from 2.356 million bpd recorded in 2019 and 3.553 million bpd in 2018, showed the tables.
Production hovered around 2.19 million bpd in the first quarter this year, nearly 10% higher than the previous quarter, the data showed.
Iran has been exempt from a series of cuts to production agreed between OPEC members and endorsed by major non-OPEC producers since early last year. The cuts were enacted in response to the impacts of the coronavirus pandemic on the markets where demand for fuel dropped significantly to cause a steep fall in oil prices.
However, prices have rebounded in recent months both because of the cuts and a slow recovery reported in economies around the world amid vaccinations and decisions to ease pandemic-related restrictions on business activity.
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