Iran recorded a jump in its crude oil production during the first quarter of 2024, achieving 3.170 million barrels per day, an increase of 23.44% over the same period last year.

This increase is due to several factors, most notably:

• The exceptions that Iran obtained from the production reduction policy implemented by the OPEC+ alliance, despite the continuation of US sanctions imposed on Tehran since 2018.
• High global demand for oil, especially as the global economy recovers from the Corona pandemic.
• New investments in oil and gas field development projects, such as a $15 billion deal between the National Iranian Oil Company and Russia's Gazprom.

This increase in production represents an important recovery for Iran's economy and contributes to enhancing its export revenues. Tehran plans to increase its oil production to 5.7 million barrels per day by 2028, in addition to 1.5 billion cubic meters per day of gas.

However, Iran faces significant challenges, such as continued US sanctions, which hinder Iran's ability to freely export its oil, and fluctuations in global oil prices, which may affect Iran's revenues.

Despite these challenges, Iran shows its determination to strengthen its role in the global oil market. Iran's proven oil reserves are among the largest in the world, estimated at 208.6 billion barrels.

Expectations indicate that Iran may become one of the largest oil producers in the world in the coming years.