Reuters quoted U.S. government sources that "Iran was on track to export around 1.5 million bpd in 2024, up from an estimated 1.4 million bpd in 2023, according to analysts and U.S. government reports."
The news agency further cited the U.S Energy Information Administration (EIA) data, announcing" Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and produced about 4.0 million barrels per day (bpd) of oil in 2023," which is higher than any earlier estimation on Iran's oil production.
Referring to the rising oil prices in early October and rising geopolitical risks, Reuters reported that " Iran is backing several groups fighting Israel, including Hezbollah in Lebanon, Hamas in Gaza, and the Houthis in Yemen."
In another report published early October, Reuters introduced Iran as the only member of OPEC whose oil production rose in September 2024.
"OPEC oil output fell to its lowest level in September this year," a survey by Reuters found, adding the Organization of the Petroleum Exporting Countries pumped 24.16 million barrels per day last month, down 390, 000 bpd from August revised total."
Despite OPEC's falling oil production in September, in a reference to Iran's oil production data, Reuters reported that "among countries posting higher output, the only gain was in Iran, which is also exempt from OPEC Targets."
"Iran has been boosting exports in the last few years despite US sanctions remaining in place and is pumping near its highest levels since 2018," Reuters reported.