Iranian Total Oil Output Hits 46-Year High in 2024

A report by Bloomberg said that Iran had produced about 4.3 million barrels per day (bpd) of crude plus another 725,000 bpd of other liquids in 2024. The report published on Thursday by Bloomberg said that as the debate plays out over the damage done to the Iranian nuclear program by US and Israeli strikes in June, one reality is clear that the country’s booming energy sector emerged unscathed.

The numbers don’t lie. Iranian oil output reached a 46-year high in 2024, according to recently released data. If anything, all available information for the first six months of 2025 suggests this year will see another increase in production. The report cited figures from the UK Energy Institute and its Statistical Review of World Energy, which was published last month. It said that an oil production of nearly 5.1 million bpd has not been seen in Iran since the last year of Shah’s reign when the oil industry in the country was still receiving huge investment and technology from Western companies.

However, it admitted that Iran has achieved a remarkable feat by raising its oil output to record levels at a time of increased American pressure. According to the Bloomberg report, the sanctions “exist only on paper while the White House hypes a nonexistent policy of “maximum pressure” on the Iranian oil sector. “I only see maximum oil output,” said the report by Javier Blas. “We have the sanctions on,” US President Donald Trump told Fox News on Sunday, as if the policy was working. “If they can show us they’re not going to do any more harm, I would take the sanctions off.”

“Developing its vast condensate and natural-gas liquids riches without foreign help wasn’t easy,” said the report by Blas as he insisted that domestic companies have contributed to the country’s efforts over the past decade to develop its energy sector.

Iran has reported consistent rises in its oil production and exports since 2021, just two years after Trump enforced a harsh regime of sanctions on buyers of Iranian oil during his first term in office. Estimates suggest Iran’s oil exports, which mostly go to private buyers in China, have well exceeded 2.4 million bpd in recent months. Bloomberg’s report said Iran’s rising oil exports and the revenues it generates would be key to the country’s reconstruction efforts after a recent Israeli aggression. It also reiterated that Israel’s 12-day aggression against Iran, which ended on June 24, had failed to affect Iran’s massive oil industry and its daily operations.

The 12-day Israeli imposed war – with the later involvement of the US – “hasn’t changed the situation on the ground for the Islamic Republic’s oil industry. In limited airstrikes, Israel damaged only a couple of Iranian petroleum assets that were quickly repaired. The White House quietly intervened to stop the war spilling into the energy sector. It will come in handy for Tehran during the reconstruction. - Iran Daily