Iran becomes 3rd top oil producer among OPEC members

Iran continued to increase its oil production in August to reach three million barrels per day (bpd) and stand at the third place among OPEC top producers, according to figures released in the organization’s latest monthly report.

OPEC data shows that Iran’s oil output increased by 143,000 bpd or 5% in August as compared to production figures reported in July, Shana reported.

The figures showed that Iran had regained its position as the third largest oil producer in OPEC in August after Saudi Arabia and Iraq.

Iran posted the largest increase in oil production in OPEC last month, as the country is exempt from output cuts introduced by the alliance to help boost international oil prices.

Iranian heavy oil prices rose to US$87.58 per barrel in August from US$81.48 reported in July, OPEC data showed.

The figures prove earlier reports suggesting Iranian oil production and exports had reached multi-year record levels in August despite US sanctions that restrict the country’s ability to engage in normal trade of oil products.

Estimates by international energy firms published earlier this month had suggested that Iran’s oil exports were nearly 3.15 million bpd in August as oil exports from the country reached over 2 million bpd.

Private refiners in China accounted for a bulk of oil purchases from Iran last month as shipments rose to an all-time record of 1.5 million bpd.

Iran’s Oil Minister Javad Oji said earlier that Iran’s oil production will reach 3.4 million bpd by late September.