BAKU, Azerbaijan, May 15. Iran's crude output in April 2024 totaled 3,212 mb/d, Trend reports.
According to OPEC's data, the country's oil production increased by 14,000 b/d month-on-month from 3,198 mb/d in March this year.
In comparison to February 2024, Iran's oil output also rose by 51,000 b/d from 3,161 mb/d. In total, in the first quarter of 2024, the country's crude output reached 3,174 mb/d - up by 22,000 b/d quarter-over-quarter (3,152 mb/d in 4Q2023).
According to OPEC's secondary sources, Iran's oil production is estimated to have reached 2,859 mb/d throughout 2023, marking a year-on-year increase of 305,000 b/d.
OPEC's secondary sources indicate that the average crude oil production of the OPEC-12 totaled 26.58 mb/d in April 2024, marking a decrease of 48,000 b/d month-on-month. The rise in crude oil output was primarily observed in Congo and Iran, whereas Nigeria, Iraq, and Venezuela saw declines in production.
Meanwhile, Iran plans to increase crude oil production by 300,000-400,000 b/d, and gas production by 35 million cubic meters this year.
Iran's hydrocarbon reserves total 1.2 trillion barrels. Iran can produce 340 billion barrels with existing technological equipment. Iran can use about 30 percent, while 70 percent remains unused underground.
