Iran increases oil production

Iran’s oil production increased by 50,000 barrels per day (bpd) in the first two months of 2024 to hit 3.2 million bpd, the International Energy Agency (IEA) reported.

The IEA report said Iran's oil production increased by 20,000 bpd and 30,000 bpd in January and February, respectively.

It also put the total output of OPEC members at 26.91 million bpd in February, which is up 140,000 bpd compared to January.

Congo, Kuwait and Nigeria saw slight declines in output, and the production of other OPEC members remained unchanged. While Iran, Libya, Venezuela and Saudi Arabia were the four OPEC members that registered increases in their output in February.