Iran leads OPEC in oil production growth amid global output decline

Iran emerged as the top performer in oil production growth among OPEC member countries in 2024, boosting its crude output by 13% despite ongoing international sanctions.

According to the latest annual report released by the Organization of the Petroleum Exporting Countries (OPEC), Iran increased its oil production from 2.884 million barrels per day (bpd) in 2023 to 3.257 million bpd last year. This marks the most significant rise in production among the 12 member nations of the cartel, Caliber.Az reports via Russian media.

The United States ranked second in production growth with a 2% increase, adding 274,000 bpd, while Nigeria came third by expanding output by 158,000 bpd.

Despite these increases, global oil production overall experienced a decline of 767,000 bpd in 2024, with OPEC countries accounting for 572,000 bpd of the reduction.

By Vugar Khalilov