BAKU, Azerbaijan, January 26. Iran's crude oil production is expected to remain steady at 3.3 million barrels per day (mb/d) throughout 2024-2026, with only slight fluctuations in demand.
Data obtained by Trend from the International Energy Agency (IEA) shows that Iran’s oil production is projected to hold at 3.3 mb/d in early 2024, with a slight increase to 3.4 mb/d in Q3 and Q4 of 2024.
However, a dip to 3.2 mb/d is expected in Q1 of 2025, before recovering back to 3.3 mb/d. The IEA's forecast for 2026 suggests stable production throughout the year.
On the demand side, Iran’s oil consumption is forecast to remain relatively steady at 1.97 mb/d for most of 2024, with a modest increase to 2.04 mb/d in Q1 of 2025, before settling at 2.00 mb/d in 2026.