The return of US sanctions has crushed Iran’s planned upstream opening, quashing any appetite from western IOCs. Tehran’s hopes for foreign investment now rest firmly with Russia and China, but even here it is enjoying little progress. Meanwhile, key buyers have halted importing Iranian crude and condensate in a blow to the government's efforts to avert economic catastrophe. Iran is struggling to maintain flows using clandestine methods.
| Crude Output | 1.99 | mn b/d |
| 2018 Crude Output | 3.58 | mn b/d |
| Gas Output (2019) | 244 | bcm |
6 Feb, 2026
Featured
Heightened US-Iran tensions and the significant American military buildup in the Gulf have revived market concerns over the security of oil and gas supplies from the Middle East. But as last year’s 12-day Israel-Iran conflict and subsequent US strikes on Iran’s nuclear facilities showed, the risk of Tehran blocking the Strait of Hormuz remains low unless it perceives an existential threat.
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