Iran’s crude output up by 350K barrels per day in 2023: IEA
Data from the International Energy Agency (IEA) show that Iran’s crude oil output has increased by about 350,000 b/d since the beginning of 2023, in spite of U.S.-led sanctions targeting the country’s oil sector.
“Despite tough financial restrictions, Iran managed to increase crude oil output by about 130 kb/d in 2022, to an average [2.55] mb/d,” the IEA said in its latest report dubbed Oil 2023, IRNA reported.
The report argued that Iran remains a “wildcard” for world oil markets, and if it is released from sanctions, production could ramp up gradually by roughly 900 kb/d, to reach the capacity of 3.8 mb/d.
Higher exports and domestic throughput pushed Iranian crude production up to around 2.9 mb/d in May 2023, it added.
Last week, Reuters reported that Iran’s crude exports and oil output hit new highs in 2023 since former U.S. president Donald Trump in 2018 exited the Iran nuclear accord and re-imposed sanctions aimed at curbing oil exports.