Iran boosted its oil exports to 2.44 million barrels per day in late October as it regains market share lost during years of international sanctions, its oil minister said Wednesday.
“Oil exports reached 2.44 million bpd in late October, one of the highest levels ever,” the Mehr news agency quoted Bijan Namdar Zanganeh as saying.
Since a nuclear deal with world powers took effect in January and international sanctions were lifted, Iran has rapidly increased its oil exports from around 1 million bpd.
Oil cartel OPEC agreed at an informal meeting in September to cut production in a bid to reduce a global supply glut and bolster prices which have hovered around the $50 per barrel mark.
Iran, which has the fourth-largest oil reserves in the world, has refused to cut production as it seeks to recover its lost market share.
Along with Libya and Nigeria, it was granted an exemption from the planned cuts, so long as it keeps production to levels “that make sense”.
Oil prices have fallen back to the levels before September’s surprise announcement by OPEC, as markets express concern that the cartel will fail to agree on — or enforce — the cuts when it meets to thrash out the details on November 30 in Vienna.