MNA – The monthly OPEC report says Iran’s crude oil production averaged 3.80mn bpd (million barrels per day) in May, near a nine-year high.
Iran’s output increased after the US lifted the sanctions in January 2016. Iran’s crude oil exports reached 2.7 mn bpd in May—the highest level since the sanctions were lifted. Brent and WTI oil prices have risen ~105.4% and ~80% since January 1, 2016.
Iran as OPEC’s third-largest oil producer has supported holding the supply cuts until December 2018. OPEC allowed Iran to increase its crude oil production slightly to help it recover market share lost while the country was under US sanctions. Iran is allowed to cap its crude oil production at ~3,800,000 bpd.