Iran’s Oil Production Rises 80,000bpd In May 2023

The International Energy Agency (IEA) on Sunday announced that Iran’s oil production volume in the fifth month of 2023 reached 2.870 million barrels per day (bpd). 

In its latest monthly report of the global oil market, the agency put the total oil produced by OPEC member states in May 2023 at 28.5 million bpd, showing a 380,000 barrel slump compared to a month earlier.

Over 28.880 million barrels of oil/day were produced by 13 OPEC member states in April 2023, it added.

According to this report, Iran has experienced the maximum amount of rise in oil production among other OPEC member states in May while other member states have either had a production slump or their production has not changed.

Iran’s daily crude oil production volume reached 2.870 million barrels of oil/day in May 2023, registering an 80,000-barrel hike compared to a month earlier.

Saudi Arabia was introduced as the largest oil-producing country in OPEC with the production of 9.980 million bpd, followed by Iraq and the United Arab Emirates (UAE) respectively.

Saudi Arabia’s oil production volume decreased by 500,000 barrels of oil/day in May 2023.