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Iran's oil production fell 4.5% in October: OPEC

South Korea cuts Iran oil imports to zero

Iran's oil production fell 4.5 percent to reach 3.296 million barrels in October, OPEC said in a report on Tuesday. 

According to the Organization of the Petroleum Exporting Countries (OPEC), Iran's oil production had been 3.452 million barrels in September, meaning production decreased by 156,000 barrels in one month.

At the end of 2017, Iran was producing 3.813 million barrels of oil, but that production has fallen by 517,000 barrels in 10 months, the organization said in its report.

Meanwhile, the IMF said in a report that the re-imposition of US sanctions on Iran is expected reduce Iran’s production and exports of oil for at least the next two years.

 

The second batch of US sanctions against Iran entered into force on November 5, targeting the country's oil, energy, gas and petrochemical sectors. Washington aims to force Tehran into ending its various abuses and support of worldwide terrorism.

 

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