{"id":10106,"date":"2024-03-13T12:46:09","date_gmt":"2024-03-13T12:46:09","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10106"},"modified":"2024-03-13T12:46:09","modified_gmt":"2024-03-13T12:46:09","slug":"opec-iran-retains-position-as-third-largest-oil-producer","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10106\/","title":{"rendered":"OPEC: Iran retains position as third-largest oil producer"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The Monthly Oil Market Report (MOMR) of the Organization of the Petroleum Exporting Countries (OPEC) showed that Iran has regained its position as the third-largest crude oil producer in February.<\/p>\n

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According to the report, Iran\u2019s February oil output decreased 15,000 barrels compared to a month earlier, standing at 3.148 million barrels per day (bpd), following top producer Saudi Arabia and Iraq, respectively.<\/p>\n

Despite the voluntary production cuts of several major producers of the OPEC+ alliance, OPEC\u2019s oil production rose in February by more than 200,000 barrels per day (bpd) compared to January, driven by higher production in Libya, which is exempted from the OPEC+ supply cuts.<\/p>\n

Crude oil production from all OPEC members jumped by 203,000 bpd from January to 26.57 million bpd in February, MOMR showed on Tuesday.<\/p>\n

The biggest increase in output came from Libya, which has been exempt from the OPEC+ cuts due to its unstable security situation, as well as from Nigeria, which has underperformed compared to its quotas in recent years, due to a lack of investments and frequent sabotages and theft on onshore pipelines.<\/p>\n

Libya has restored oil production at its largest oilfield, Sharara, which was shut down for three weeks in January by protesters, oilprice.com reported.<\/p>\n

In February, Libya\u2019s oil production rose by 144,000 bpd, while Nigeria\u2019s output increased by 47,000 bpd compared to January.<\/p>\n

OPEC\u2019s top producer, Saudi Arabia, produced 8.98 million bpd last month, in line with its pledge to keep output at about 9 million bpd after promising a one-million-bpd cut that has been in place since last summer.<\/p>\n

But the second-biggest producer of the group, Iraq, pumped around 200,000 bpd more than its pledge to keep production at 4 million bpd, as it only reduced output by 14,000 bpd, according to the secondary sources in OPEC\u2019s report. Iraq\u2019s oil production averaged 4.2 million bpd last month, per the sources.<\/p>\n<\/div>\n<\/div>\n

Updated on