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Iran’s Crude Output Reaches 3.1mbpd: Parliament Member

OIL

Iran's crude oil output has risen to 3.1mbpd, the highest level since nearly five years, according to Hossein Hosseinzadeh, a key member of parliament’s energy commission, cited by Argus Media.

  • This compares to estimates of 3.07mbpd from Iran’s oil minister Javad Owji earlier this month during the OPEC seminar. OPEC secondary sources put Iran’s June output at 2.75mbpd and May output at 2.69mbpd.
  • Argus, which is one of OPEC’s seven secondary sources, estimated Iranian production at a higher 2.91mbpd in June, up from 2.78mbpd in May. The last time Iran's production stood at above 3mbpd was October 2018, according to Argus figures.
  • The Iranian government recently put current crude oil production capacity at 3.98mbpd. Javad Owji said earlier this month that Iran’s crude capacity should rise by 130kbpd by the end of the current Iranian year in March 2024.
  • Iran’s crude production has been supported by rising exports to China, Venezuela and Syria.
  • Exports from the country averaged 1.22mbpd in Q2, up from 936kbpd in Q1 and up from 731kbpd in the second quarter of 2022, Vortexa data showed.
Energy BulletsCommodities
Energy BulletsCommodities

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