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 |
| Petchems Capacity | 80 | mn t/y |
20 May, 2022
Featured
Iran has long been the Middle East’s renewables frontrunner. But as its hydropower plants suffer setbacks its neighbors are ramping up their own capacity. A 14GW plan has been set out to transform the sector, but it will struggle to gain traction with international sanctions just one of the many obstacles to overcome.
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