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Irans oil price output surge in March 2024 OPEC

· 3 min read

Iran’s oil price, output surge in March 2024: OPEC

TEHRAN - The Organization of Petroleum Exporting Countries (OPEC) in its latest monthly report has said that Iran’s oil production volume increased by 28,000 barrels per day (bpd) in March 2024.

Iran’s oil price, output surge in March 2024: OPEC

The Islamic Republic’s heavy oil price also increased by $3.0 in the reported month, the report said.

Iran’s oil production volume reached 3.188 million bpd in March 2024, showing a 28,000 barrels hike compared to a month earlier.

The OPEC total crude oil production volume reached 26.604 million bpd in March 2024, showing a 3,000 bpd hike compared to a month before.

According to this report, the price of each barrel of Iran’s heavy crude oil in March 2024 reached $83.48, showing a $3.14 hike compared to a month earlier.

The average oil price of OPEC in March 2024 reached $84.22, showing a $2.99 growth compared to a month before, the report added.

Back in January, a report released by the U.S. Department of Energy stated that Iran has been the top OPEC member in terms of production increase in 2023, with an increase of 330,000 bpd.

The U.S. Energy Information Administration (EIA) affiliated with the Department of Energy mentioned in its latest report that the total oil production of Iran was estimated at 2.87 million bpd at the end of 2023.

According to the mentioned entity, Iran’s oil production stood at 2.54 million bpd in 2022.

The figures show that total OPEC oil production was 26.89 million bpd in 2023 which shows 630,000 barrels fall year on year. OPEC produced 27.52 million bpd in 2022.

This report has put Iran's oil production in the last month of last year at 3.17 million bpd. Iran was the third-largest OPEC producer after Saudi Arabia and Iraq in December 2023.

The 330,000-bpd increase in Iran’s 2023 oil production indicates that sanctions have been ineffective on Iran's oil industry.

Earlier in June 2023, Bloomberg reported that the production and export of Iranian oil in 2023 reached record highs since the country came under U.S. sanctions more than five years ago.

The report published in late June 2023 stated that Iran was shipping the highest amount of crude in almost five years despite U.S. sanctions.

Bloomberg cited energy analysts as saying that Iran’s oil exports have surged to the highest level since the U.S. unilaterally re-imposed sanctions on the country in 2018.

A Reuters report, also said in June last year, that Iranian crude shipments continued to rise in 2023 with higher shipments to China, Syria, and Venezuela. The report quoted consultants, shipping data, and a source familiar with the matter.

A large chunk of Iran’s crude oil goes to China which is the world’s major importer of energy. Several European customers including Germany, Spain, and Bulgaria also imported oil from Iran.

Iran has not released official figures about its oil exports over the past years amid efforts to evade Washington’s illegal sanctions.