Economy & Politico

Iran becomes 2nd producer of liquid fuel in OPEC

The US Department of Energy revealed that Iran’s production of liquid fuel increased by 110,000 barrels in the first quarter of the current year (January to March).

It introduced Iran as the largest producer of this product in OPEC after Saudi Arabia.

The Energy Information Administration, affiliated to the US Department of Energy, in its latest report entitled World Short-Term Energy Outlook, said Iran produced 3.230 million barrels of oil per day (bpd) in the first quarter of 2024.

Iran’s production of crude oil in this period increased by 50,000 barrels per day compared to last year’s corresponding period.

The report added that Iran produced over 2.870 million barrels of oil per day in 2023 on average and it is expected that the average production of crude oil in Iran will exceed three million barrels per day in 2024.

The department has put the total production volume of Iran’s liquid fuel, including crude oil and condensates, at 4.42 million barrels per day in the first quarter of 2024.



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