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 |
| Petchems Capacity | 80 | mn t/y |
NEWS IN BRIEF
Iran-Lebanon Fuel Convoy Struck
11 Nov, 2022
Iran Negotiates Turkey Gas Contract Renewal
21 Oct, 2022
Moscow & Tehran Eye Energy Swap
14 Oct, 2022
Iran Plans Yaran Phase-2
9 Sep, 2022
Pessimism Grows Over Iran Nuclear Talks
2 Sep, 2022
Iran Plans Esfandiar Development
26 Aug, 2022
Iran Tanker Seizures Escalate Gulf Shipping Risk
3 Jun, 2022
Iran Cuts Gas To Iraq, Baghdad Rushes To Riyadh
3 Jun, 2022
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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