Iran’s Oil Output Drops 2,000 Barrels Per Day in Feb.

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In its latest report, Organization of Petroleum Exporting Countries (OPEC) announced that Iran’s oil production volume in Feb. 2020 hit 2.080 million barrels per day (bpd), registering only a 2,000-barrel decline as compared to a month earlier.

Accordingly, Islamic Republic of Iran produced 2.082 million barrels of oil per day (bpd) in Jan. 2020, the rate of which hit 2.093 million barrels of oil per day in Dec. 2019.

Iran’s average oil output in 2018 and 2017 hit 3,553,000 and 3,813,000 barrels per day respectively, the rate of which hit 2,356,000 barrels per day in 2019.

Based on the secondary sources, total OPEC-13 preliminary crude oil production averaged 27.772 mb/d in February. Crude oil output increased mainly in Iraq, Nigeria, Angola, Congo and UAE while production decreased primarily in Libya and Saudi Arabia.

OPEC produced 28,318,000 barrels of oil per day (bpd) in Jan. 2020.

Islamic Republic of Iran, Libya and Nigeria are exempted from a deal to oil production cut.