Iran’s crude oil production reached 3.25 million barrels per day (bpd) in March 2024, marking an increase of 20,000 bpd from the previous month, according to the U.S. Energy Information Administration (EIA). This figure reflects a continuation of the country’s steady output growth.

Data from the EIA indicate that Iran’s oil production averaged 3.2 million bpd during the first quarter of 2024. This represents a 50,000 bpd rise compared to the fourth quarter of 2023, when production averaged 3.18 million bpd. Over the past year, production increased by approximately 630,000 bpd from 2.6 million bpd recorded in the first quarter of 2023.

Among members of the Organization of the Petroleum Exporting Countries (OPEC), Iran registered the largest production gain in the past year. Only Gabon, Nigeria, and Venezuela posted increases, with output rising by 10,000 bpd, 40,000 bpd, and 90,000 bpd respectively. Meanwhile, overall OPEC oil production declined by 720,000 bpd, dropping from 27.38 million bpd in the first quarter of 2023 to 26.66 million bpd in the same period this year.

Maintaining its position as the third-largest oil producer within the cartel, Iran’s production growth comes amid ongoing geopolitical and economic pressures, as well as fluctuating global demand. The country’s ability to boost output contrasts with the broader trend of declining production among many OPEC members during this timeframe.