The U.S. Energy Information Administration (EIA) in a report put Iran’s oil output at 3.2 million barrels per day (bpd) in February.

According to The Iran Project,Based on the mentioned report, OPEC’s total output in the mentioned month increased by 170,000 bpd to reach 26.47 million bpd.

OPEC’s latest monthly report, however, has put Iran’s crude oil production at 3.148 in February, noting that the Islamic Republic maintained its place as OPEC’s third-biggest oil producer in the said month.

According to the mentioned report, the price of Iran’s heavy crude increased by 20 cents in February to reach $80.34 per barrel.

Iran’s oil explorations up 300% in 2 years

The director of the National Iranian Oil Company (NIOC) Explorations Department has said the country’s oil explorations registered a 300 percent growth in two years of the administration of President Ebrahim Raisi, who assumed office in August 2021.

Mehdi Fakour said the oil explorations have shown a considerable hike in various sectors as compared to the past five years, Mehr News Agency reported.

He added that the oil explorations made in the first two years of the current administration have registered a 300 percent hike.

The feasibility studies of some explorations have started in the country, he said, adding that negotiations have been made with a number of industrial production companies.

Currently, the oil exploration activities in the country are at a satisfactory level, Fakour added.

Earlier, the Head of the National Iranian Oil Company Mohsen Khojasteh Mehr said that the company has a 100-year vision for exploration, emphasizing that the company is determined to carry out maximum exploration operations to discover and maintain the country’s reserves.

Back in February, the International Monetary Fund in a report on Iran’s microeconomic indicators said the increase in Iran’s oil production in 2023 exceeded expectations.

The fund attributed the increase in its estimate of Iran's economic growth in the mentioned year to the higher-than-expected increase in the country’s oil production.

According to the new estimates of this international entity, Iran's economic growth in 2023 reached 5.4 percent, registering a significant increase compared to the previous year.

The International Monetary Fund had previously estimated that Iran's economic growth would reach only 3.0 percent in 2023.

Iran's crude oil exports grew by roughly 50 percent in 2023 to a five-year high of about 1.29 million bpd, with the vast majority going to China, according to Nikkei Asia.

The report, citing the International Energy Agency (IEA), put Iran’s oil production at 2.99 million bpd last year, 440,000 barrels more than in 2022.

As reported, IEA predicts a further rise of 160,000 barrels of Iran’s oil exports in 2024.

This increase is expected to contribute to a less tight market, alongside increases by the U.S. and Brazil. The IEA sees global supply rising by 1.5 million bpd to an all-time high this year.