Iran’s crude oil production dropped by 371,000 bpd between the second quarter of this year—when the U.S. announced the return of the sanctions—and September, according to the secondary sources in OPEC’s closely-watched Monthly Oil Market Report published on Thursday. Iran’s oil production in September plunged by 150,000 bpd from August to reach 3.447 million bpd last month. This compares to average Iranian production of 3.818 million bpd in the second quarter this year, as per OPEC’s secondary sources, highlighting the fact that Iran has been cutting oil production, although not at the fast rate at which its exports have been dropping over the past two months. Iran, for its part, claims a much smaller loss in its oil production—Tehran self-reported to OPEC that its crude oil production in September stood at 3.755 million bpd, down by 51,000 bpd from August, when Iran self-reported production of 3.806 million bpd, compared […]