Iran Shows 2nd Biggest Rise in Quarterly Oil Output in OPEC

TEHRAN (Tasnim) – Iran has raised its daily crude oil production by 40,000 barrels during the first three months of 2023, ranking second among the OPEC members in terms of quarterly oil production growth, the US Energy Information Administration (EIA) said.

The ‘Short-Term Energy Outlook’, released by the US Energy Information Administration in May, has put the total oil production by the Organization of Petroleum Exporting Countries (OPEC) member states in the first quarter of 2023 at 28.44 million barrels per day.

According to the report, the volume of OPEC’s daily oil production in the first quarter of 2023 has decreased by 480,000 barrels compared to the last three months of 2022.

The figures show that Nigeria has marked the largest rise in the quarterly oil production by increasing its daily output by 170,000 barrels.

A major portion of slump in OPEC’s production during the first quarter of 2023 is attributed to the collapse in Saudi Arabia’s output, which has dropped by 480,000 barrels per day.

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