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Iran's oil production has reached its highest level in nearly five years at 3.1 million barrels per day (bpd), a significant increase from the 2.2 million bpd when President Ebrahim Raisi assumed office in August 2021. This surge in output has been primarily driven by stronger exports to China, Venezuela, and Syria. Despite U.S. sanctions, Iran has continued to export oil, with private Chinese refiners increasing their purchases of Iranian crude due to competition for Russian oil. Iran's second-quarter crude and condensate exports averaged 1.35 million bpd, the highest since the 2018 sanctions.

Iran Boosts Oil Output To 3.1 Million Bpd

Iran’s oil production has reached its highest level in nearly five years at 3.1 million barrels per day (bpd), a significant increase from the 2.2 million bpd when President Ebrahim Raisi assumed office in August 2021. This surge in output has been primarily driven by stronger exports to China, Venezuela, and Syria. Despite U.S. sanctions, Iran has continued to export oil, with private Chinese refiners increasing their purchases of Iranian crude due to competition for Russian oil. Iran’s second-quarter crude and condensate exports averaged 1.35 million bpd, the highest since the 2018 sanctions.

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