In its latest monthly report on the global oil market, the IEA announced that Iran’s oil production increased by 50,000 bpd in April 2024 compared to the previous month, when the country produced 3.25 million bpd.

This figure is the highest level of Iran’s crude oil production in the past 5 years following the US withdrawal from the internationally endorsed Iran nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), and the re-imposition of sanctions.

The current oil production of the country is only 300,000 bpd less than the figures recorded before the unilateral sanctions.

The IAE also reported that Iran’s oil production in 2018 stood at 3.6 million bpd, while its production in April 2024 stood at 3.3 million barrels per day.

The IEA report also shows that the total OPEC oil production stood at 26.97 million bpd in April.

The total oil production of the 13 member states of OPEC increased by 120,000 bpd in April compared to the previous month. OPEC members had produced 26 million and 850,000 bpd in March.

DID