Iran’s oil output drops slightly in October: Report

OPEC figures cited in a Wednesday report by the Fars news agency showed that Iran had produced 3.259 million barrels per day (bpd) of oil in October, down 68,000 bpd from figures reported in September.

Despite the drop in output, Iran remained the third largest OPEC producer in October, the data showed.

Saudi Arabia topped the ranking with 8.968 million bpd, up 4,000 bpd from the previous month, and was followed by Iraq at 4.068 million bpd which reduced its output by 66,000 bpd compared to September, showed the figures.

Iran has steadily increased its oil production this year. The country returned to its position as the third largest producer in OPEC in August after reports showed it had ramped up its exports to private refiners in China despite a regime of US sanctions that impose major penalties on buyers.

Iran, along with Libya and Venezuela, are exempt from a series of cuts agreed by OPEC members to stabilize global oil prices.

The drop in Iran’s October oil output can be attributed to reports suggesting the country launched repair works in oil export facilities in Kharg, an Island in the Persian Gulf which hosts the country’s largest oil export terminal.

OPEC figures showed Iran’s average quarterly output had hit 3.306 million bpd in July-September, up from 3.238 million bpd in the previous quarter.

OPEC’s October output increased by 0.466 million bpd compared to September to reach 26.535 million bpd mainly thanks to a major increase in production in Libya.