OPEC reported an increase in oil production by members of the organization despite a severe fall in Iran’s oil output.

OPEC reported an increase in oil production by members of the organization despite a severe fall in Iran’s oil output.

Iran’s daily oil production in the past month fell to 2 million 86 thousand barrels, which is about 399 thousand barrels lower than in July and 1.2 million barrels lower than at the beginning of the war.

Despite the sharp decline in Iran’s oil production in August, OPEC’s daily oil output increased by 346 thousand barrels. The reason for this rise is a remarkable recovery in Iraq’s oil production.

A noteworthy point in OPEC’s new report is the significant jump in oil production in the UAE compared to the period before the Middle East war; in such a way that this country’s daily production has increased by 446 thousand barrels compared to before the Islamic Republic’s closure of the Strait of Hormuz, and this growth

Overall, OPEC’s daily oil production (including the UAE, which left the organization in May) in the past month was 24 million 81 thousand barrels, which is 4.44 million barrels less than the period before the Middle East war.