The US Energy Information Administration (EIA) affiliated with the Department of Energy mentioned in its latest report that the total oil production of Iran was estimated at 2.87 million bpd at the end of 2023.
According to the international entity, Iran’s oil production stood at 2.54 million bpd in 2022.
The figures show that total OPEC 2023 oil production was 26.89 million bpd which shows 630,000 barrels fall year on year. OPEC produced 27.52 million bpd in 2022.
The 330,000 bpd YOY increase in Iran’s 2023 oil production indicates that sanctions are ineffective on Iran's oil industry.
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