Iran leads world oil production growth with 13% increase

Iran topped global crude oil production growth in 2024, increasing output by 374,000 barrels per day (bpd) to achieve a 13% rise, according to OPEC's latest statistical bulletin.

The Islamic Republic's crude oil production rose from 2.884mn bpd in 2023 to 3.257mn bpd in 2024, representing the largest increase among oil-producing nations worldwide.

The United States ranked second with a crude production increase of 274,000 bpd, equivalent to 2% growth, followed by Nigeria with 158,000 bpd, Venezuela with 138,000 bpd and Argentina with 65,000 bpd.

The data, published in the 60th edition of the Organisation of Petroleum Exporting Countries Statistical Bulletin, highlighted Iran's significant recovery in oil production capacity despite ongoing international sanctions.

The substantial increase in Iranian output comes as global oil markets continue to navigate supply chain disruptions and geopolitical tensions affecting energy security worldwide.

Iran's production surge contrasts sharply with Saudi Arabia, which faced significant output reductions for the second consecutive year, according to OPEC statistics.

The Islamic Republic's ability to boost production demonstrates the resilience of its oil industry infrastructure and its capacity to respond to market opportunities despite external pressures.

OPEC's statistical bulletin provides comprehensive data on global oil production trends, serving as a key reference for energy market analysis and policy decisions.

The organisation tracks production across both member and non-member countries to provide insights into global energy supply dynamics.

Iran's position as the world's leading oil production growth performer in 2024 underscores the country's strategic importance in global energy markets and its potential to influence supply balances.

"Iran in 2024 ranked first among world countries in crude oil production growth, showing a 13% increase," the OPEC bulletin stated.