OPEC: Iran's Daily Oil Production Decreased by Another 150,000 Barrels

The Organization of the Petroleum Exporting Countries (OPEC) in its latest monthly report published on Wednesday, September 12, states that Iran's daily oil production decreased by another 150,000 barrels in August. According to the organization's statistics, Iran's oil production has been continuously declining since the U.S. withdrew from the JCPOA. The United States exited the JCPOA on May 8 and reinstated the first round of sanctions against Iran that had been lifted due to the nuclear agreement in mid-August. Iran's daily production also fell by about 29,000 barrels in June and about 56,000 barrels in July. Thus, over the past three months, Iran's oil production has decreased by a total of 235,000 barrels per day. With the approach of U.S. oil sanctions in November, it is expected that Iran's production will decline at an even faster pace. International statistics indicate that Iran's oil and gas condensate exports fell by about half a million barrels compared to last year, dropping to about 2 million and 50 thousand barrels last month, and it is expected to decrease to 1.5 million barrels this month. OPEC states that apart from Iran, Venezuela has also been facing a continuous decline in production for months. Venezuela's daily production also decreased by 36,000 barrels last month, reaching 1 million and 235,000 barrels, which is 42% less than the level in 2016. Despite the decline in production in Iran and Venezuela, OPEC's total oil production increased by 278,000 barrels in August, reaching 32 million and 565,000 barrels. Oil production in Iraq, Saudi Arabia, Libya, and Nigeria showed significant increases in August. The mentioned statistics are OPEC's own estimates, which align with other international statistics from the International Energy Agency, the U.S. Energy Information Administration, and reputable media reports. However, OPEC states that the official statistics sent by the Iranian government to this organization claim that the country's oil production has not changed in recent months and remains steady at 3 million and 806 thousand barrels. Saudi Arabia claims to have a spare production capacity of 1.5 million barrels per day. Iraq has also raised its production and exports to a new high in recent months. The Iraqi oil minister announced this past Saturday that the country's production capacity, even without accounting for areas under Kurdish control, is 4 million and 750 thousand barrels per day. OPEC itself states that Iraq produced about 4 million and 650 thousand barrels of oil last month. This country exported 3 million and 590 thousand barrels of oil this month, which is a historical record.