US Report: Iran’s May-June Oil Output Shows Increase

TEHRAN (Tasnim) – Iran’s average production of crude oil over the two-month period of May and June stood at 2.8 million barrels per day, up from the average of 2.7 mbpd during the corresponding period in 2013, according to the latest report by the US Energy Information Administration (EIA).

US Report: Iran’s May-June Oil Output Shows Increase

Based on the report, titled “The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran”, published on June 26, Iran’s petroleum and other liquids production averaged 3.4 million b/d in May and June, of which 2.8 million b/d was crude oil.

The report also indicates that the total average production of crude oil by the OPEC (Organization of Petroleum Exporting Countries) members reached 29.5 million barrels per day in May-June 2014, 0.9 million b/d lower than the average in the corresponding two-month period in 2013.

During the two-month period, Saudi Arabia ranked first in the list of OPEC’s top oil producers with 9.7 million barrels per day, followed by Iraq and Iran, producing 3.3 and 2.8 million bpd, respectively.

The Islamic Republic holds the world’s third-largest proven oil reserves and the largest natural gas reserves.

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