TEHRAN (Dispatches) - Iran increased its crude output by 13.4% in April compared to March, shows figures by the Organization of Petroleum Exporting countries (OPEC), as the country moves ahead with plans to offset losses suffered to production during more than three years of American sanctions targeting its oil sales.
Latest OPEC figures covered in a Thursday report in the IRIB News showed that Iran’s oil production had reached 2.614 million barrels per day (bpd) for the month to late April, up from 2.304 million bpd reported for the month to March 21.
Iran was responsible for more than 10% of OPEC’s total output in April, showed the same report, adding that collective production by the oil cartel had reached 25.057 million bpd, up 0.99% on the previous month.
Iran accounted for the highest increase in individual output in OPEC, showed the figures, a sign the country is on its path to restore crude production to levels seen before the U.S. imposed its sanctions in November 2018.
Along with Libya and Venezuela, Iran is exempt from a series of cuts to OPEC supply. It had reported increases of 6.3% and 3.2% for the months of March and February, respectively.
OPEC members seek to gradually ease cuts on output on the expectations that demand for crude would improve in the international markets after the rollouts around the world of vaccination programs against the coronavirus.
The cartel has been in an alliance known as OPEC+ that involves other major crude producers to help boost prices by controlling the global supply.