According to a recent report by the Organization of the Petroleum Exporting Countries (OPEC), Iran’s oil production in October hit 2.874 million barrel per day, showing a 4,700 bpd growth compared to its preceding month, the Tasnim news agency reported on Friday.
In October, total oil output of OPEC member states slipped by 256 thousand bpd to 31.382 million bpd, according to the report.
During this period, 7 member states of OPEC experienced a decline in oil production, while 5 members saw an output surge.
Iran, once OPEC’s second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market after lifting of sanctions.
Western sanctions have cut Iran’s oil output to 2.7 million bpd from 3.9 million bpd.
With holding 157 billion barrels of recoverable crude oil reserves, Iran possesses the world’s fourth largest crude oil reserves.