{"id":8442,"date":"2023-10-29T15:01:24","date_gmt":"2023-10-29T15:01:24","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8442"},"modified":"2023-10-29T15:01:24","modified_gmt":"2023-10-29T15:01:24","slug":"iranian-oil-production-reaches-3-4-million-bpd","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8442\/","title":{"rendered":"Iranian oil production reaches 3.4 million bpd"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0The spokesman of the Iranian Oil, Gas and Petrochemical Products Exporters\u2019 Union said that Iran\u2019s oil production has increased to 3.4 million barrels per day (bpd), despite the U.S. sanctions aimed at curbing oil exports and the associated revenue to Iran\u2019s government.<\/p>\n

\u201cThe latest reports show that Iran\u2019s oil production has increased to 3.4 million barrels per day, while it was about 2.9 million barrels per day until recently,\u201d Hamid Hosseini told IRNA.<\/p>\n

Given that previously closed oil wells have been reopened and returned to the production cycle, Iran can increase its oil production to 3.8 million bpd, he said.<\/p>\n

\u201cIf we seek to increase oil exports from 3.8 million barrels per day to 4.2 million bpd in the 7th National Development Plan, we need to invest an average of $25,000 for each barrel of oil, but now, because these oil wells had been in production cycle previously, we have the opportunity to increase the oil production to 3.8 million barrels per day,\u201d he explained.<\/p>\n

Hosseini also said that about 40,000 bpd have been added to the country\u2019s oil production from the Sepehr and Jafir oilfields, which can help with the economic growth of the country.<\/p>\n

Iran produced 3.058 million barrels per day of crude oil in September, registering a 15,000-bpd increase compared to the previous month, according to OPEC\u2019s latest monthly report.<\/p>\n

Based on secondary sources, Iran produced 3.043 million bpd of crude oil in August.<\/p>\n

The Islamic Republic\u2019s average crude output for the third quarter of 2023 stood at 2.990 million bpd indicating a 292,000-bpd increase compared to the figure for the second quarter of the year, the report said.<\/p>\n

The report put the average Iranian crude output for 2022 at 2.554 million bpd, while the average output in 2021 was 2.392 million bpd.<\/p>\n

These statistics show that although with the re-imposition of the U.S. sanctions, Iran’s oil production decreased; gradually the country has been able to compensate for the output decline and increase production significantly.<\/p>\n

Iran now occupies the third place among OPEC members in terms of production, following Saudi Arabia, and Iraq.<\/p>\n

The country\u2019s heavy crude oil price also increased by $7.05 in September, to register an 8.0 percent rise compared to the previous month, according to the OPEC report.<\/p>\n

Iran sold its heavy crude oil at $94.63 per barrel in the mentioned month, compared to August\u2019s $87.58 per barrel.<\/p>\n

The country\u2019s average heavy crude price was $82.37 since the beginning of 2023 up to the report\u2019s publishing date, in comparison to $104.16 in the previous year\u2019s same period.<\/p>\n

Updated on