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 |
19 Mar, 2021
Featured
China is importing ever-more Iranian oil, whilst Tehran’s ever-more elaborate efforts to obscure growing shipments carry implications for neighboring states. Iraq, Oman and even Fujairah’s ruler have been caught in the crossfire.
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