Iranian crude oil production has increased to nearly 3.19mn b/d and is set to hit 3.3mn b/d by the end of August, oil minister Javad Owji says. Iranian officials have an incentive to exaggerate production figures to demonstrate the country’s resilience against US sanctions, but export flows alone show that big gains have been made in recent months.
Iran hasn’t produced close to such levels since 2018, when serving US President Donald Trump reimposed strict sanctions on the country’s oil sector and key oil buyers halted purchases. MEES calculated July output at 2.78mn b/d, while the Opec Secondary Sources figure was slightly higher at 2.828mn b/d. (CONTINUED - 1011 WORDS)
