Iranian crude oil production rose to 3.13 million barrels per day in July.
The hike brought Iran’s oil production to its highest level in two years, according to the monthly report by the Organization of Petroleum Exporting Countries (OPEC). The figure was an increase of six tenths of a percent from the previous month.
According to the OPEC accountant, however, Iranian oil production was actually at 2.86 million bpd – still a healthy increase of 1.1 percent over June.
Iran’s pre-sanction production was at 3.6 million bpd of crude oil.
Iran was among the 12 OPEC members contributing to overall gains in production last month, said OPEC, which reported that crude oil prices dropped by at least $10 per barrel.
The organization blamed “the outcome of the P5+1 talks on Iran’s nuclear program” as well as financial concerns in Greece and China for the market conditions.
In January, Mohsen Rezaei, secretary of Iran’s Expediency Council said that exports had dropped by 1.5 million barrels per day (bpd), pulling out more than $100 billion in lost revenue from the country due to the sanctions.
Under the terms of a November 2013 agreement, Iran is allowed to export some oil in exchange for its commitment to restrict some of its nuclear research activities, UPI noted in a report on Tuesday.
More to the point, the newly-signed nuclear agreement between Iran and the U.S.-led delegation of world powers has begun to lead numerous global energy firms, from Royal Dutch Shell to Italy’s Eni, to visit with an eye toward reviewing potential business opportunities with the Islamic Republic.
Last December, Iran was already producing just under 2.8 million bpd, about 20 percent less than its production levels in 2011.
At present, however, Iran is limited to exporting approximately one million bpd, and to six nations, under the terms of existing sanctions.