Iran’s crude oil exports grew by roughly 50 percent in 2023 to a five-year high of about 1.29 million barrels per day (bpd), with the vast majority going to China, Nikkei Asia reported.
The report, citing the International Energy Agency (IEA), put Iran’s oil production at 2.99 million bpd last year, 440,000 barrels more than in 2022.
As reported, IEA predicts a further rise of 160,000 barrels of Iran’s oil exports in 2024.
This increase is expected to contribute to a less tight market, alongside increases by the U.S. and Brazil. The IEA sees global supply rising by 1.5 million bpd to an all-time high this year.—Tehran Times
