Iran: Oil & Gas Iran's Petroleum Production to Flourish After Sanction's End
The US Energy Information Administration’s (EIA) new ‘Today in Energy’ study looks at the expected increase in Iran’s oil production after the lifting of sanctions on the country.
The study suggests that the sanctions relief will lead to an increase in Iran’s oil production and exports, which had been subject to an EU embargo among other sanctions. Iran’s crude oil production has been relatively flat over the past three years while sanctions were in place, averaging 2.8 million barrels per day (b/d) in 2015, representing 9 per cent of the total crude oil production from the Organization of the Petroleum Exporting Countries (OPEC). In EIA’s January Short-Term Energy Outlook (STEO), Iran’s annual average crude oil production is forecasted at 3.1 million b/d in 2016 (10 per cent of the projected total OPEC production), and almost 3.6 million b/d in 2017.