OPEC data shows Iran increased its oil production in August to an average of 3 million barrels per day.
Iran continued to increase its oil production in August to reach a milestone figure of 3 million barrels per day (bpd), according to figures by the Organization of Petroleum Exporting Countries (OPEC).
OPEC data cited in reports published in local Iranian media on Wednesday showed that Iran’s oil output had increased by 143,000 bpd or 5% last month compared to production figures reported in July.
The figures showed that Iran had regained its position as the third largest oil producer in OPEC in August behind Saudi Arabia and Iraq.
Iran posted the largest increase in oil production in OPEC last month. That comes as the country is exempt from output cuts introduced by the alliance to help boost international oil prices.
Iranian crude oil prices rose to $87.58 per barrel in August from $81.48 reported in July, OPEC data showed.
The figures proves earlier reports suggesting Iranian oil production and exports had reached multi-year record levels in August despite US sanctions that restrict the country’s ability to engage in normal trade of oil products.
Estimates by international energy firms published earlier this month had suggested that Iran’s oil exports were nearly 3.15 million bpd in August as oil exports from the country reached over 2 million bpd.
Private refiners in China accounted for a bulk of oil purchases from Iran last month as shipments rose to an all-time record of 1.5 million bpd.
Iran’s Oil Minister Javad Owji said earlier this month that Iran’s oil production will reach 3.4 million bpd by late September.