OPEC’s latest report indicates that Iran produced 2.675 million barrels of oil per day in March, which according to TREND, an Azerbaijani news agency, is the country’s lowest volume of oil production since 1988.
OPEC reports that daily oil production in Iran has fallen by about 49,000 thousand barrels in March 2013 compared to the previous month, by 300,000 barrels compared to the same month last year, and by 950,000 barrels compared to March of 2011.
The reduction in Iran’s oil output is due to international sanctions imposed by the U.S. and the EU, which have limited Iran’s ability to sell its petroleum products internationally.