BAKU, Azerbaijan, March 16. In Iran, the supply of crude oil in February 2024 increased slightly to 3.2 million barrels per day (mb/d), staying close to the highest levels seen in the past five years, Trend reports.
According to the data received from the International Energy Agency (IEA), the country's output increased slightly month-on-month, compared to January (3.17 mb/d).
At the same time, Iran exported more than 1.4 mb/d of crude oil and condensates, mainly to China, in February, which was higher than the average rate of 1.3 mb/d compared to last year.
Before the previous US administration pulled out of the Joint Comprehensive Plan of Action (JCPOA) in 2018, Iran's oil exports were typically just above 2 mb/d.
Thus, the IEA's current estimate places Iran's crude production capacity at approximately 3.8 mb/d.
Meanwhile, in February 2024, the combined crude oil production of all 22 OPEC+ member countries increased by 90 kb/d to reach 41.58 mb/d. This rise was mainly due to Libya's recovery, which offset losses seen elsewhere. Despite some members committing to additional voluntary cuts, both Kazakhstan and Iraq fell short of fulfilling their quotas. Although Kazakhstan saw the largest decrease in output for February, it still exceeded its quota by 120 kb/d. Together, these two countries produced 370 kb/d more than their agreed limits. They have pledged to improve compliance and make up for their overproduction in the first quarter of 2024.
