TEHRAN (ISNA)- Iran's crude oil production increased in 2014, increasing its rank to the third-largest crude oil producer in the Organization of Petroleum Exporting Countries (OPEC) during the first half of 2014, US Energy Information Administration (EIA) said.
Iran's oil output in the first seven months of the year exceeded 3.2 million barrels per day, increasing 131,000 barrels per day compared with the same period of last year.

In 2013, Iran dropped from being the second-largest producer in OPEC to the fourth, standing behind Saudi Arabia, Iraq and the United Arab Emirates.

Iran's exports of crude oil and gas condensate dropped from 2.5 million barrels per day in 2011 to 1.1 mbpd in 2013 because of Western sanctions imposed on the country over its nuclear energy program.

The largest buyers of Iranian crude and condensate are China, India, Japan, South Korea and Turkey.

Iran holds nearly 10 percent of the world's crude oil reserves and 13 percent of OPEC reserves. About 70 percent of Iran's crude oil reserves are located onshore, with the remainder mostly located offshore in the Persian Gulf.

The country also holds proven reserves in the Caspian Sea, although exploration has been at a standstill.

By ISNA

 

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