Iran’s daily crude oil production exceeded 3.7 million barrels in 2012 despite the US-led western sanctions imposed against the Islamic Republic, an annual OPEC report announced. The OPEC announced that Iran has produced over 3.7mln barrels of crude per day on average last year, showing a 4.6 percent rise compared with 2011. The oil cartel also reported that Iran’s daily oil exports exceeded 2.1 million barrels in 2012. The value of Iran’s oil export in the said period stood at $101.468, it added. OPEC is an intergovernmental organization that was created at the Baghdad Conference in September 1960, by Iran, Kuwait, Iraq, Saudi Arabia and Venezuela. Later it was joined by nine more members, including Libya, United Arab Emirates, Qatar, Indonesia, Algeria, Nigeria, Ecuador, Angola, and Gabon. OPEC was headquartered in Geneva, Switzerland before moving to Vienna, Austria, in September 1965.