The US Power Data Administration (EIA) in its newest report mentioned Iran produced 3.1 million barrels of oil per day (bpd) in October 2023, stabilizing its third place within the Group of Petroleum Exporting Nations (OPEC).
Iran’s oil manufacturing quantity elevated by 50,000 barrels in October 2023 in comparison with a month earlier.
Iran had produced 3.05 million bpd in September 2023.
The report added that Iran’s oil output has been on an upward trajectory because the starting of 2023, with the nation’s oil manufacturing growing by greater than 500,000 barrels.
By growing its oil output quantity, Iran managed to regain its place amongst main OPEC producers.
Iran managed to overhaul Kuwait within the manufacturing of oil in April 2023. As well as, Iran’s oil manufacturing quantity exceeded that of the United Arab Emirates in August 2023.
Saudi Arabia and Iraq stood in the primary and second locations in OPEC by producing 9 million and 4.32 million bpd respectively, the administration added.
OPEC’s complete crude manufacturing quantity decreased by 70,000 bpd in October 2023 in comparison with the month earlier than.
OPEC’s member states managed to provide 27.77 million bpd in October 2023, the report added.