Iran Surges to 2nd in OPEC Liquid Fuel Production, Overtaking Iraq

In a significant development, Iran has surpassed Iraq to become the second-largest producer of liquid fuel within the Organization of Petroleum Exporting Countries (OPEC), according to the latest report from the US Department of Energy.

Iran (IMNA) - The data reveals that Iran's liquid fuel production saw a notable increase of 110,000 barrels in the first quarter of this year, solidifying its position as the largest producer of this product in OPEC after Saudi Arabia.

The Energy Information Administration's World Short-Term Energy Outlook report details that Iran produced 3.230 million barrels of oil per day (bpd) in the first quarter of 2024, marking a 50,000-barrel-per-day increase in crude oil production compared to the same period last year.

The report highlights that Iran's average crude oil production in 2023 stood at over 2.870 million barrels per day, with expectations that the average production will exceed three million barrels per day in 2024.

Furthermore, the total production volume of Iran's liquid fuel, including crude oil and condensates, reached 4.42 million barrels per day in the first quarter of 2024, underscoring the country's growing influence in the global energy market.

News ID 752901


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