Growth hiatus
The Opec deal lets Iran increase output. It’s unlikely to breach that limit … for now
Former president Akbar Hashemi Rafsanjani, who died on 8 January at the age of 82, was frustrated by US sanctions when he tried to entice ConocoPhillips to his country. Now the administration of his successor and protégé, Hassan Rouhani, is treading a tricky path between new politics abroad, elections at home, sanctions, foreign oil companies and Opec. Iran has long had the goal of raising oil production significantly, in line with its reserves and its historical importance within Opec. For many years the group's clear second-largest producer, it has now fallen well behind Iraq into third place. Its oil production target is 5.8m b/d by 2021, of which about 4.8m b/d would be crude oil. This s
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
