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Iran's Daily Oil Output Drops To Less Than 2 Million Barrels In April


Excess natural gas burning in an oil field in Iran. Undated. File photo.

The Organization of Petroleum Exporting Countries (OPEC) says Iran's daily oil output has dropped to below two million barrels per day (1,969,000) in April.

This is 53,000 barrels per day less than the country's oil production in March. Iran used to produce 3,820,000 barrels of oil per day before the U.S. sanctions that were imposed in November 2018.

Other than the impact of U.S. sanctions on Iran's oil export which has led to the drop in production, another reason for the downfall is the decrease in its domestic consumption in gasoline and other oil-based fossil fuels.

The coronavirus crisis has reduced travel and business activities in the country leading to a big impact on energy consumption.

OPEC's latest report which has been released on May 13 says oil consumption in Iran has dropped by 120,000 bpd in comparison to March 2020.

The country's domestic oil consumption figure was around 1.8 million barrels per day until a few months ago.

Iran's Oil Minister Bijan Zanganeh said on Tuesday that the COVID-19 pandemic has led to an unprecedented increase in Iran's crude oil and oil products reserves, however, he did not mention any figures.

Iran's gasoline reserve was around 1.35 billion liters in 2018.

Media reports say that the consumption of gasoline in Iran has dropped by more than 30 million liters as a result of the spread of coronavirus.

Currently, the only customers of Iran's oil are China and Syria. China has imported an average of 74,000 bpd of oil from Iran during the first quarter of this year. However, there are no precise figures about Iran's oil export to Syria.

According to Tanker Trackers, Iran has shipped 6.8 million barrels of oil to Syria in April, equal to a daily amount of 225,000 barrels per day.

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