The Iran Project

Iran’s July exports steady as OPEC pumps record crude: Report

OPEC figures show drops in output and price of Iranian oil for January 2015.

 

Iran has pumped steady amount of crude in July despite a 15-month record production reported by the Organization of Petroleum Exporting Countries (OPEC), a survey shows.

Reuters news agency’s analysis of data released by OPEC members in July showed that Iran’s exports was steady over the month compared to June when it had exported more than 600,000 barrels per day (bpd).

The survey found, however, that the OPEC had pumped 26.72 million bpd of crude in July, up 610,000 bpd against June and a record since April 2020.

The increased OPEC output comes as the group and allies have agreed to gradually ease cuts to the global supply amid a recovery in international demand which has been fueled by vaccinations against the coronavirus pandemic.

Iran, which is exempt from OPEC cuts, has continued to increase its crude output since December 2020 amid reports suggesting that it has worked out solutions to circumvent US sanctions targeting its oil sales.

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