Nournews: Official reports by OPEC indicate that the average production of Iran’s oil in 2024 reached 3.259 million barrels a day, showing an increase of 400,000 barrels compared to 2023. Such a leap is the result of infrastructure investments and improvements in production technologies in oilfields.
On the other hand, oil production in December 2024 was accompanied by a daily reduction of 12,000 barrels, reaching 3.314 million barrels. Despite this slight reduction, Iran has maintained its position as the third-largest oil producer after Saudi Arabia and Iraq, surpassing the UAE.
Oil Export: Overcoming Sanctions
By adopting creative strategies, including the "Fleet in Shade" strategy and methods of goods exchange, Iran was able to bypass sanctions. Iran exported 587 million barrels of oil in 2024, which represented a 10.75 percent increase compared to the previous year.
China, as the largest importer of oil, accounted for 91 percent of Iran’s total oil exports. Shandong Province in China and its independent oil plants were Iran’s main buyers. This collaboration contributed to the sustainability of Iran’s oil exports amidst sanctions.
Reduction in the Price of Iran’s Heavy Crude Oil
Despite the increase in production and export, the price of Iran’s heavy crude oil in 2024 fell to $79.71 per barrel, reflecting a $3.4 reduction compared to the previous year. This decrease can be attributed to various factors, including staying competitive and fluctuations in the global market.
The Role of Diplomacy and International Collaboration
Iran’s active diplomacy in recent years, particularly regarding reducing international pressures, has facilitated oil exports. Unofficial deals with buyer countries have created opportunities to establish relative stability in Iran’s currency income.
These successes have played a significant role not only in strengthening the economy but also in enhancing Iran’s bargaining power within OPEC.
Challenges and Future Perspectives
Despite agreements reached in recent years, Iran still faces various challenges in oil production and export.
The continuation of unilateral and illegal sanctions, which may take on new dimensions with Donald Trump’s potential return to the White House, represents a significant obstacle to oil production and export. Bypassing sanctions under new conditions will require innovative methods and expanded collaboration with economic partners.
In addition, Iran’s oil industry needs to attract foreign investment to sustain and increase production, which must remain a top priority for relevant officials.
The issue of oil price fluctuations and the necessity of managing currency income and aligning it with changes in the global market are among the fundamental principles that require attention.
However, if Iran can continue the current trend, maintain its trade relationships, and improve technology, it can stabilize its position as one of the main players in the global oil market.
The growth of oil production and export in 2024 highlights Iran’s capabilities in overcoming international obstacles and leveraging regional and global opportunities.
This achievement not only enhances Iran’s ranking in OPEC but also positively impacts the domestic economy and foreign relations. With strategic planning in various political and economic sectors and a focus on technological development, Iran can continue its path of growth into the future, despite current challenges.
NOURNEWS