After several torrid years, there have been high hopes for Iran’s oil industry since the broad lifting of international sanctions in January 2016 on the back of the landmark nuclear accord signed between Tehran and the P5+1 group of world powers. And in some respects, these hopes have been satisfied.
Crude output and exports have rebounded strongly. Output rose 32% between Q4 2015 (2.88mn b/d) and Q3 this year (3.81mn b/d); oil revenues soared accordingly, from $27bn in 2015, to $41bn in 2016 and are forecast to hit $59.6bn this year (MEES, 22 December). (CONTINUED - 2278 WORDS)
