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.

2019 In Numbers
Crude Output 3.58 mn b/d
Crude Exports 2.05 mn b/d
Gas Output (2017) 224 bcm
Gas Exports (2017) 13 bcm
Refining capacity 1.73 mn b/d*

End-year

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SELECTED DATA

Turkey Gas Imports From Iran (BCM)

1: Iran Power And Gas Exports Met Over 25% Of Iraq’s 2019 Power Supply Peak

2: Iran Gas Exports (BCM) Top 15bcm In 2019 Thanks To Bumper Volumes To Iraq

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