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 |
21 Jan, 2022
Featured
Iran’s First Super Heavy Refinery Opens At Qeshm
Iran’s newest refinery has been inaugurated on the island of Qeshm. The first phase can process 35,000 b/d of super-heavy crude which Iran struggled to market.
Iran’s New Qeshm Heavy Oil Refinery Is 500km From The Soroosh & Nowruz Fields
NEWS IN BRIEF
Iran-Turkey Gas Flows Halt
21 Jan, 2022
Iran Plans New Products Pipeline
21 Jan, 2022
Iran Nuclear Talks: Slow Progress
14 Jan, 2022
Iran: $90mn World Bank Covid Aid
14 Jan, 2022
Iran ‘To Invest $11bn’ In Offshore Gas
12 Nov, 2021
Iran, EU Plan Nuclear Talks Restart
5 Nov, 2021
Iran Hikes Enrichment
15 Oct, 2021
SELECTED DATA
Iran Gas Balance: Net Exports Have Soared In Recent Years (bcm)
Iran Crude & Condensate Exports Have Recovered From 2020's Lows, And Tehran Is Hopeful Of Returning To 2.5mn b/d ('000 b/d)
Iran Crude Oil Production Rollercoaster (‘000 b/d): Output Has Overtaken Kuwait And Is Closing In On The UAE
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