Iranian oil output hits 3.15 million bpd

Reportedly, Iran has managed to push its oil output to 3.15 million barrels per day (bpd), the highest since 2018, the year Washington re-imposed sanctions on the country.

Analysts say the higher Iranian exports appear to be the result of Iran's success in evading U.S. sanctions and Washington's discretion in enforcing them.

As reported, OPEC oil output rose for a second straight month in September, led by increases in Nigeria and Iran despite ongoing cuts by Saudi Arabia and other members of the wider OPEC Plus alliance to support the market.

Last month, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27.73 million bpd, up 120,000 bpd from August. Production in August had risen for the first time since February.

The rise in September was led by Nigeria, which has been battling with crude theft and insecurity in its oil producing region.

Iran pumped more, with output hitting the highest level since 2018.

Iraq and the United Arab Emirates increased output slightly, while Angolan supply showed the largest decline in the group of 50,000 bpd due to a drop in exports.

OPEC's output is still undershooting the targeted amount by about 700,000 bpd, mainly because Nigeria and Angola lack the capacity to pump as much as their agreed level.