Middle East

Iran

Iran is at the epicenter of escalating tensions around the Strait of Hormuz amid its standoff with the US. Economic survival is the key priority of the government as US sanctions take a significant toll.

State of Play

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.

2020 In Numbers
Crude Output 1.99 mn b/d
2018 Crude Output 3.58 mn b/d
Gas Output (2019) 244 bcm
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SELECTED DATA

Iran Crude And Condensate Exports Have Rebounded Since 2020 But 90% Now Heads To China (mn b/d)

Iran's Inflation Remains High Whilst Growth Is Set To Slow

Iran’s Crude Oil Production* Remains Above Last Year’s Post-Sanctions Record (mn b/d)

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