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OPEC reports 6.7% y/y increase in Iran’s oil output in 2022

US Rep. Ilhan Omar (D-MN) (L) talks with Speaker of the House Nancy Pelosi (D-CA) during a rally with fellow Democrats before voting on H.R. 1, or the People Act, on the East Steps of the US Capitol on March 08, 2019 in Washington, DC. (AFP photo)
Latest OPEC figures show Iran’s oil output rose by 162,000 barrels or 6.7% last year compared to 2021.

Latest figures by the Organization of the Petroleum Exporting Countries (OPEC) show that Iran increased its oil production last year despite continued US restrictions on the country’s oil trade with the rest of the world.

Figures and tables from an OPEC monthly report published by local news agencies on Wednesday showed that Iran had produced an average of 2.554 million barrels per day (bpd) of crude oil last year, up 162,000 barrels or 6.7% from 2021.

The data showed that Iran’s 2022 oil output was an increase of more than 28% compared to 2020 when the country had lost much of its crude sales because of US sanctions.

Higher output figures reported by OPEC for Iran in 2022 come against the backdrop of unconfirmed reports suggesting that the country exported more oil last year despite continued American pressure on the country.

A report by Reuters news agency published over the weekend showed that Iran’s oil exports in late 2022 had reached records not seen since the country came under US sanctions nearly five years ago.

The report cited figures from international tanker tracking services showing that Iran’s oil exports had reached up to 1.23 million bpd in late 2022.

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