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Iran’s return to the fourth position of oil production in OPEC


According to the reporter of the International Economic Group of Fars News Agency, the latest statistics of Iran’s oil production, quoted from secondary sources in the monthly report of the Organization of Crude Oil Exporting Countries, show that Iran’s oil production in June 2023 is equal to June 1402 to 2 million 754 thousand barrels per day. which has increased by 56 thousand barrels per day compared to the previous month.

Iran had produced 2 million 698 thousand barrels of oil per day in May.

According to OPEC reports, Iran produced 2 million 625 thousand barrels in April (April 1402), 2 million 577 thousand barrels in March (March 1401), 2 million 574 thousand barrels in February (February 1401), In January, it produced 2,554,000 barrels of oil per day.

Iran’s production rate in December is 2 million 579 thousand barrels of oil per day, in November 2 million 579 thousand barrels of oil per day, in October 2 million 561 thousand barrels of oil. It was during the day.

* Iran’s return to the fourth position of oil production in OPEC

In April 1400, Iran took back the position of the fourth OPEC oil producer from Kuwait, and since then it had maintained this position until October 1400 (October 2021), but in November 2021, i.e. November 1400, it once again produced Kuwait oil surpassed Iran and sat in the fourth place and Iran returned to the 5th place.

Now, after one year and 7 months, Iran has returned to the fourth position of oil production in OPEC, and Kuwait is in the fifth position.

Currently, the three largest OPEC oil producing countries are Saudi Arabia with a production of 9,998,000 barrels per day, Iraq with a production of 4,181,000 barrels per day, and the United Arab Emirates with 2,894,000 barrels per day.

Kuwait is the fifth producer of OPEC with the production of 2,551,000 barrels per day.

Before the US sanctions from 2018, Iran was the third largest OPEC oil producer after Saudi Arabia and Iraq.

* Increase of 121 thousand barrels of Iranian oil production in the second quarter of 2023

Considering that Iran has produced 2 million and 571 thousand barrels of oil per day in the first three months of this year, the country’s oil production in the second quarter shows an increase of 121 thousand barrels.

Iran has produced 2 million 692 thousand barrels of oil per day in the second quarter of this year.

Also, Iran’s oil production in the second quarter of this year shows an increase of 124,000 barrels per day compared to the last quarter of 2022. At that time, Iran had produced 2 million and 568 thousand barrels of oil per day.

In the first quarter of 2023, Iran produced 2 million 571 thousand barrels of oil per day and in the second quarter 2 million 692 thousand barrels of oil per day.

* Iran’s oil production in the seasons of 2022

Iran will produce 2 million 529 thousand barrels per day in the first quarter of 2022, 2 million 555 thousand barrels in the second quarter, 2 million 565 thousand barrels per day in the third quarter of this year, and 2 million 567 thousand barrels in the fourth quarter. has produced oil per day.

In the last quarter of 2021, Iran had produced 2 million and 472 thousand barrels of oil per day.

* Increase of 162 thousand barrels of Iranian oil production in 2022

Iran produced an average of 2 million 554 thousand barrels of oil per day in 2022, this figure was an average of 2 million 392 thousand barrels of oil per day in 2021 and 1 million 991 thousand barrels of oil per day in 2020.

In this way, Iran has produced 162,000 more barrels of oil per day in 2022 than in 2021. Iran’s oil production in 2021 also increased by 401,000 barrels per day compared to 2020.

Iran produced 2 million 356 thousand barrels of oil per day in 2019, 3 million 553 thousand barrels per day in 2018, and 3 million 813 thousand barrels per day in 2017.

* An increase of 91 thousand barrels of OPEC oil production

According to this report, the oil production of the 13 member countries of this organization in June 2023 (June 1402) is 28 million and 189 thousand barrels per day, which shows a daily increase of 91 thousand barrels compared to May.

In May, OPEC produced 28 million and 99 thousand barrels of oil per day.

According to this report, OPEC’s average oil production in 2022 was 28 million 854 thousand barrels per day, which shows an increase of 2 million 508 thousand barrels compared to the previous year.

The OPEC production figure in 2021 is equal to 26 million and 346 thousand barrels per day on average.

* OPEC+ program to reduce production

The OPEC+ group had agreed to reduce their production from September 2022; This figure for October (2022) was 100,000 barrels per day, when OPEC had reduced its production by 210,000 barrels per day in that month alone.

Also, OPEC+, continuing the process of reducing their production due to the economic conditions in the world and forecasting the demand for oil in the world, agreed to reduce their production by 2 million barrels per day from November onwards.

While OPEC had agreed to continue this reduction process until the end of 2023, Russia announced in March that it would voluntarily reduce its output by 500,000 barrels per day.

OPEC+ announced on April 3rd, 14th of April 1402, that it will reduce its production by another 1.6 million barrels, and the total production reduction of this group will reach 3.66 million barrels per day, which is equal to 3.7% of the global oil demand.

This group, which produces a total of 40% of the world’s crude oil, emphasized on the continuation of this reduction in its meeting in early June and announced that from the beginning of 2024, another 1.4 million barrels of crude oil will be produced daily. Cassette.

At the same time, Saudi Arabia also announced that it will voluntarily reduce its production by one million barrels per day, and the country’s crude oil production will reach 9 million barrels per day.

Saudi Arabia announced in a statement on July 3 (July 12) that it will continue this reduction in production for another month, in August. (more details)

Shortly after Saudi Arabia’s announcement, Russian Deputy Prime Minister Alexander Novak also announced that Moscow will also reduce its oil exports by 500,000 barrels per day in August. (more details)

These two reductions constitute 1.5% of the oil supply in the world In total, OPEC+ production reduction will reach 5.16 million barrels per day.

* Increase in production of 22,000 barrels of Saudi oil production

In June, Saudi Arabia added 22,000 barrels of oil per day to its production, and the country’s crude oil production reached 9,998,000 barrels. The production rate of this country in May was 9 million and 976 thousand barrels per day.

This country is supposed to apply its voluntary production reduction from next month, July.

* The biggest increase in production for Iran

Seven OPEC member countries had a reduction in production this month, the largest decrease of 46,000 barrels per day belongs to Angola.

The remaining six countries also had an increase in production The largest increase of 56 thousand barrels is allocated to Iran.

IranLibya and Nigeria They are exempt from the production reduction agreement.

13 OPEC member countries include Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE and Venezuela.

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