Iran has produced as much as 3 million barrels per day (bpd) of crude oil in August to regain its position as the third-largest crude oil producer among OPEC member countries, according to the latest OPEC data.
Oil steadied in Asia after surging to a 10-month high on Saudi Arabia’s pledge to cut an extra 1 million barrels a day of crude output in February and March as a rampant coronavirus leads to more lockdowns.
Crude prices have soared after the Organization of the Petroleum Exporting Countries agreed to cut crude output.
