Iran

OPECSANCTIONED

Middle East

Production

4.2M bbl/d

Imports

3.9K bbl/d

Exports

37.7K bbl/d

Net Balance

33.8K bbl/d

Net exporter

Consumption by Product

2022 · thousand bpd

Petrol34.1%

Diesel29.3%

Kerosene4.9%

Jet Fuel7.3%

LPG9.8%

Fuel Oil9.8%

Other4.9%

Proven Oil Reserves

208.6B

barrels (proven)

~136 yrs

at current production

Abundant

050 yrs100+ yrs

Proven reserves = crude oil in the ground. Many countries import most of their refined fuel (petrol, diesel, jet fuel), so high reserves don't guarantee fuel supply security.

Production Trend

Price History

Refinery Capacity

Capacity

2.1K bbl/d

Throughput

1.7K bbl/d

Utilization

81.0%

Geopolitical Context

OPEC Member

Active Sanctions

OFACSince 1979

Comprehensive sanctions

U.S. comprehensive sanctions on Iran's oil, banking, and shipping sectors

EUSince 2012

Oil embargo

EU embargo on Iranian crude oil imports

Embargoes

United States

Re-imposed after JCPOA withdrawal; targets all Iranian oil exports

Since 2018

Trade Restrictions

•U.S. secondary sanctions on buyers of Iranian oil
•SWIFT access restricted

Iran holds world's 4th-largest proven reserves. Sanctions severely limit export capacity.

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