Iran’s oil output rose slightly in March, OPEC data show
Iran’s oil production rose slightly in March, according to figures released by The Organization of the Petroleum Exporting Countries (OPEC) and despite a decline reported in the 12-member group’s total output.
OPEC figures cited in a Tuesday report by the ISNA news agency showed that Iran had produced 3.335 million barrels per day (bpd) of oil in March, up 12,000 bpd from figures reported in February.
That came as total OPEC output in March had declined by 78,000 bpd to 26.776 million bpd.
However, production by members of a Russia-led bloc of oil-producing nations, which together with OPEC form the OPEC+ grouping, increased slightly by 41,000 bpd in March, as the 10-member group produced 14.244 million bpd of oil over the period.
Iran, along with Libya and Venezuela, are exempt from a series of cuts agreed by OPEC members in recent years to stabilize global oil prices.
The country has steadily increased its oil production in recent years despite a continued regime of US sanctions that restricts its ability to export crude oil.
Iran returned to its position as the third largest producer in OPEC in August last year after reports showed it had ramped up its exports to private refiners in China.
However, OPEC’s March figures showed that the price of Iran’s Heavy oil grade had dropped by 3.4% in March compared to August to trade at $74.76 per barrel, just above OPEC’s March basket price and down from a 2024 average of $81.77 a barrel.
US imposes sanctions on Chinese buyers of Iranian oil
Iran’s thermal power output hit record in year to March
Iran signs contract to convert Iraq’s flare gas into petchem feedstock
VIDEO | Press TV's news headlines
VIDEO | Israeli military assault on Jenin continues into third month
VIDEO | Yemenis condemn US strikes on Ras Isa port
Immigration judge denies bond for Tufts graduate student detained in Louisiana, lawyers say
VIDEO | Iran’s FM discusses indirect negotiations, regional issues with top Russian officials
Relations with Russia at ‘apex’ of collaboration, Iran FM says
VIDEO | US aggression on Yemen
Hezbollah chief to Israel: 'We have our options and we fear nothing'
PressTV NEWSLETTER
now
This makes it easy to access the Press TV website
