Work on South Pars in 2016
Tehran goes it alone
Iran has announced multibillion dollar spending programmes aimed at domestic companies, inspired by recent export success
Iran’s entanglement in a worsening regional conflict with Israel is dominating headlines, but below the radar, the Islamic Republic has orchestrated an increase in oil output and exports that is feeding greater confidence in its ability to resuscitate its oil and gas sector. OPEC figures show Iranian crude production rose from an average of 2.55m b/d in 2022 to 2.86m b/d in 2023. By Q4 2023, Iranian output was above 3m b/d, a five-year high. Iran was last year ranked as the world’s second-largest source of supply growth after the US and is expected to increase production by a further 280,000b/d this year, according to the IEA. Crude exports, which fell to as low as 300,000b/d in 2020, accord
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
