Iran’s Oil Production Surges, Predicted to Rise Further in 2024: IMF Report

Iran's Oil Production

Tehran, The Gulf Observer: The International Monetary Fund (IMF) has released new statistics indicating a significant increase in Iran’s oil production in 2023, marking a notable upturn in the country’s oil sector. According to the IMF data, Iran’s oil production surged by 500,000 barrels per day (bpd) compared to the previous year, reaching a total of 3.1 million bpd.

The report highlights a robust growth trajectory in Iran’s oil sector, with a remarkable 15% expansion recorded in 2023 alone. This growth trend has been consistent over the three-year tenure of President Ebrahim Raisi, with double-digit growth rates observed each year. Specifically, the oil sector witnessed growth rates of 10.1%, 10%, and 15% in 2021, 2022, and 2023, respectively.

Looking ahead, the IMF predicts a further increase in Iran’s oil production, with expectations set at an additional 100,000 bpd, bringing the total to 3.2 million bpd in 2024.

In addition to oil, Iran’s gas production also experienced a notable uptick, rising from the equivalent of 4.8 million barrels of oil per day in 2022 to the equivalent of 5.1 million bpd in 2023. The IMF forecasts a continuation of this growth trajectory, projecting a further increase of 300,000 bpd to reach the equivalent of 5.4 million bpd in 2024.

The report further highlights Iran’s export figures, indicating a substantial rise in oil exports in 2023. Iran exported 1.4 million barrels of oil per day, reflecting an increase of 500,000 barrels compared to the previous year. Projections for the current year suggest an additional increase of 100,000 barrels, reaching 1.5 million bpd in oil exports.

Additionally, Iran’s gas exports remained steady in 2023, with figures equivalent to 300,000 barrels of oil per day. The IMF anticipates that this figure will remain unchanged in 2024.

The IMF report underscores Iran’s growing prominence in the global oil and gas markets, signaling a positive trajectory for the country’s energy sector. With sustained growth projections and increased export capabilities, Iran is poised to play an influential role in the global energy landscape in the coming years.