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Iranian Crude Production at 3.19mn bpd: Oil Minister

OIL

Iran's crude production is now just short of 3.2mn bpd and is due to rise to 3.3mn bpd before the end of August, according to the country's oil minister Javad Owji over the weekend.

  • He placed current production at 3.19mn bpd – a new high since the US reimposed sanctions in the second half of 2018.
  • The last time Iran's crude output was as high as 3.2mn bpd was in October 2018, according to Argus figures.
  • Owji gave a production figure of 3.07mn bpd figure in July while in Vienna to attend the Opec seminar.
  • Iranian exports have been served a boost by record demand from China this year.
  • Separately, Mehr news agency quoted a government official placing Iranian crude exports at 1.4mn bpd currently.
  • Iranian crude exports averaged 1.23mn b/d in April-July, data from Vortexa show, up from 936,000 b/d in the first quarter and 731,000 b/d in the second quarter of 2022. Iran's crude exports had previously hit a post-sanction high of 1.37mn b/d in May, according to Vortexa.
Energy BulletsCommodities
Energy BulletsCommodities

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