TEHRAN - The report published on Thursday by Bloomberg said that Iran had produced about 4.3 million barrels per day (bpd) of crude plus another 725,000 bpd of other liquids in 2024.
The report cited figures from the UK Energy Institute and its Statistical Review of World Energy, which was published last month.
It said that an oil production of nearly 5.1 million bpd has not been seen in Iran since the last year of Shah’s reign when the oil industry in the country was still receiving huge investment and technology from Western companies.
However, it admitted that Iran has achieved a remarkable feat by raising its oil output to record levels at a time of increased American pressure.
“Developing its vast condensate and natural-gas liquids riches without foreign help wasn’t easy,” said the report by Javier Blas as he insisted that domestic companies, including those run by Iran’s elite military force the IRGC, have contributed to the country’s efforts over the past decade to develop its energy sector.
Iran has reported consistent rises in its oil production and exports since 2021, just two years after U.S. President Donald Trump enforced a harsh regime of sanctions on buyers of Iranian oil during his first term in office.
Estimates suggest Iran’s oil exports, which mostly go to private buyers in China, have well exceeded 2.4 million bpd in recent months.
Bloomberg’s report said Iran’s rising oil exports and the revenues it generate would be key to the country’s reconstruction efforts after a recent Israeli aggression.
It also reiterated that Israel’s 12-day aggression against Iran, which ended on June 24, had failed to affect Iran’s massive oil industry and its daily operations.