“Despite tough financial restrictions, Iran managed to increase crude oil output by about 130 kb/d in 2022 to an average [2.55] mb/d,” the IEA said in its latest report dubbed Oil 2023.

The report argued that Iran remains a “wildcard” for world oil markets, and if it is released from sanctions, production could ramp up gradually by roughly 900 kb/d to reach the capacity of 3.8 mb/d.

Higher exports and domestic throughput have pushed Iranian crude production up to around 2.9 mb/d in May 2023, it added.

Last week, Reuters reported that Iran’s crude exports and oil output have hit new highs in 2023 since former US President Donald Trump in 2018 exited the Iran nuclear accord and re-imposed sanctions aimed at curbing oil exports and the associated revenue to Iran’s government.

RHM/IRN