The news of the death of Iranian President Ebrahim Raisi in a helicopter crash left questions about the future of the oil sector, which witnessed remarkable growth during his short rule.

During the era of President Raisi (from August 2021 until his death in May 2024), the Iranian oil sector achieved remarkable growth despite the Western sanctions imposed on the country. Iranian oil production increased by 23% during the first four months of 2024, reaching 3.184 million barrels per day, compared to an average of 2.582 million barrels per day during the same period in 2023.

Iranian oil exports jumped by 39% during the first four months of 2024, reaching 1.537 million barrels per day, compared to an average of 1.106 million barrels per day during the same period in 2023.

Temporary international agreements to lift some sanctions on Iran have contributed to the recovery of Iranian oil exports, and investments have also contributed to improving the infrastructure of the oil sector. Which led to increased production efficiency in addition to increasing global demand for oil. This gave Iran the opportunity to export more crude.

President Raisi's short rule demonstrated Iran's ability to raise its oil production and exports despite the sanctions.