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 |
4 Jul, 2025
Featured
Iran’s South Pars Phase 14 gas processing plant is partially operational, but the train which was hit by an Israeli drone strike is still undergoing repair work and it’s unclear how long it will be offline for. If repairs stretch into the peak demand seasons then Iran’s gas balance will come under additional pressure.
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