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 |
28 May, 2021
Featured
Iran’s Petropars Makes Key South Azadegan Expansion Awards
Iran’s Petropars has awarded the final drilling contracts to boost capacity at the key South Azadegan field on the Iraq border to 320,000 b/d by 2023.
Iran’s West Karun Oil Fields & Infrastructure
NEWS IN BRIEF
Iran Petchems Fires: Israel Suspected
28 May, 2021
Iran Prepares New Oil Export Terminal For Start-Up
23 Apr, 2021
Iran’s Rohani Lauds Gas Legacy
5 Feb, 2021
Iran Oil Export Terminal Start Up Delayed
5 Feb, 2021
Iran Inaugurates Gas Plant
22 Jan, 2021
Iran: US Petchems Sanctions
18 Dec, 2020
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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