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