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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
