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Iran continues its march toward retaining the oil market share as the country added more barrels to its daily production in January compared to the previous month, data published by OPEC showed.
Iran’s crude oil output averaged 2.08 million barrels per day last month, an increase of 62,000 bpd from December 2020, OPEC said in its monthly report.
Global oil production in January rose by 430,000 bpd compared to the previous month to average 93.12 million bpd, although it reflected a year-on-year fall of 7.33 million bpd.
In January, OPEC crude oil production rose by 181,000 bpd month-over-month to an average 25.5 million bpd, according to the report.
As a result, the share of OPEC crude out of total global production rose to 27.4% in January, marking a 0.1% increase compared with the previous month.
Crude oil output increased mainly in Saudi Arabia, Venezuela and Iran, while production decreased primarily in Libya, Nigeria and Iraq.
