BAKU, Azerbaijan, December 18. Iran’s gross natural gas production reached 343.83 billion cubic meters (bcm) in 2023, reflecting a 1% increase compared to 2022, when the figure stood at 340.30 bcm, according to the Gas Exporting Countries Forum (GECF) report obtained by Trend.
The report highlights a steady upward trend in Iran’s production over the past decade:
|
Year |
Production volume (bcm) |
|
2014 |
245.68 |
|
2016 |
277.39 |
|
2018 |
310.58 |
|
2020 |
324.73 |
|
2021 |
336.49 |
In terms of marketed production, Iran recorded 266.25 bcm in 2023, marking an increase of 2.4% compared to 259.89 bcm in 2022.
Other key metrics for 2023 include: reinjection - 32.83 bcm; shrinkage - 11.44 bcm; other losses - 33.31 bcm.
Although Iran is a member of OPEC, it is exempt from the production cuts under the OPEC+ agreement because its crude oil production is constrained as a result of sanctions. Despite these sanctions, Iran increased shipments of crude oil, primarily to China, in 2022 and 2023.
The data from the US Energy Information Agency (EIA) shows that Iran raised crude oil output by about 1 million barrels per day (b/d) from 2020 to 2023 as its exports to China grew by almost 870 million b/d during this time. In response, the United States expanded sanctions in April 2024 to cover ports, vessels, and refineries involved in the purchase of Iran’s oil. These new sanctions allow for 180-day waivers if sanctions interfere with U.S. national security. If all oil sanctions were lifted, Iran's crude oil production could return to full capacity, which we assess at 3.8 million b/d.
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