Iran’s oil production reached the highest figure in the last 6 years
according to Mehr news agency According to the Ministry of Oil, Reuters polls on Friday (August 12) showed that OPEC oil production increased in July and Iran’s oil production reached the highest level in the last 6 years.
The increase in oil supply from Saudi Arabia and the small growth of production in other producing countries have compensated the effect of the voluntary production reduction of other member countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC Plus).
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Ship tracking data and industrial resource information show that OPEC produced 26,700,000 barrels of oil per day last month, an increase of 100,000 barrels per day compared to June.
The increase in OPEC oil production has been realized while OPEC+ has announced that in order to support the oil market at the same time as demand growth decreases, the high interest rate of the American bank and the increase in oil production of this country, it will reduce its production to The end of 2025 continues.
OPEC Plus kept its production policy unchanged on Thursday (August 11) in the meeting of the ministerial working group to monitor the agreement of this coalition, which includes the plan to start gradually increasing the group’s production from October. However, the coalition stated that if necessary, the gradual program of increasing oil production may be stopped or oil production may be reduced again.
Last month, Saudi Arabia had the highest supply growth among OPEC members with the increase in daily supply of 70,000 barrels of oil. The country’s oil production reached 9 million barrels per day in July, which was close to the quota set by Saudi Arabia.
According to this survey, Nigeria had the largest drop in production among the members with a decrease of 30,000 barrels in daily oil production. The oil export of this country has also decreased compared to last month.
The production of Libya and Iran, which are exempt from the production reduction program, and Iraq has increased.
According to this report, Iran has increased its oil exports in the past few years despite the continued US sanctions. Iraq’s oil production and export has also grown compared to June.
According to a Reuters survey, OPEC oil daily supply is about 240 thousand barrels more than the target amount for the nine members of this organization according to the OPEC+ coalition production reduction agreement, most of this excess production is related to It becomes Iraq.
