BAKU, Azerbaijan, July 11. In its latest outlook, the International Energy Agency (IEA) revealed that Iran's crude oil supply reached approximately 3.35 mb/d in June, marking a six-year high, Trend reports.
Exports of crude oil and condensates, primarily destined for China, have been averaging around 1.5-1.6 mb/d, up from last year's average of 1.3 mb/d.
On the development front, the National Iranian Oil Company (NIOC) has been active, signing a $1.25 billion contract with Iran’s Oil Industries Engineering Construction Company to develop the Changuleh oil field, which has a capacity of 60,000 barrels per day and straddles the border with Iraq. Additionally, a $435 million deal was inked to develop the onshore Band Karkheh field.
Early July saw the election of Masoud Pezeshkian as Iran's new president. Reportedly, he has expressed a desire to reopen negotiations with Western nations regarding sanctions.
Looking ahead, the IEA forecasts Iran's crude supply to average 3.33 mb/d in 2024, with a slight increase to 3.35 mb/d in 2025.