IEA Confirms Increase in Iran’s Oil Output

The International Energy Agency reported that Iran’s crude oil production rose by about 200,000 barrels in July. In its latest short-term energy outlook, the agency said Iran pumped 3.27 million barrels per day in July, up from 3.08 million barrels per day in June — an increase of 190,000 barrels.

The report also showed that crude production from the 12 members of the Organization of the Petroleum Exporting Countries (OPEC) stood at 28.21 million barrels per day in July, down 210,000 barrels from June. OPEC output in June was 28.42 million barrels per day.

Oil Minister Mohsen Paknejad told reporters July 16 on the sidelines of a Cabinet meeting that he would not comment on specific production and export figures but said crude production and exports continue as usual and the country’s situation in the sector is stable.

Meanwhile, according to the 60th edition of OPEC’s Annual Statistical Bulletin, Iran ranked first globally in crude oil production growth in 2024. The country boosted daily crude output by 374,000 barrels, a 13% increase, from 2.88 million barrels per day in 2023 to 3.26 million barrels per day in 2024. - Shana