Iraq has overtaken Iran as the second-largest oil producer within the Opec cartel for the first time since the late 1980s in a highly symbolic shift that highlights the impact of western sanctions on Tehran, The Financial Times
reported Friday, August 10. The International Energy Agency said on Friday that Iraq last month pumped just over 3m barrels per day (bpd), surpassing Iran’s 2.9m bpd. Saudi Arabia, which pumped 10m bpd in July, remains Opec’s largest oil producer. The Paris-based IEA indicated that Iranian oil production, already at its lowest in 20 years, could fall further in coming months. The country is likely to continue “to face major difficulties in placing its exports”, it said in its monthly oil market report. Just five years ago, Iran produced 4.2m b/d.