BRICS member Iran has successfully expanded its oil export portfolio by adding Bangladesh and Oman as new buyers, despite facing stringent US sanctions. This strategic move has enabled Iran to boost its economy through increased oil exports, reaching its highest production levels since 2018.
In July 2024, Iran’s crude oil production averaged 3.22 million barrels per day (bpd), marking a significant milestone in its energy sector.
To meet the growing global demand, Iran plans to enhance its output capacity to 4 million bpd, representing a 20% increase in the coming months.
This expansion has resulted in a substantial rise in oil revenue, soaring from $9 billion in 2020 to $28.4 billion annually. The inclusion of Iran into the BRICS alliance has further facilitated this growth, providing a platform to attract new oil-importing countries.
Petroleum Minister Javad Owji confirmed that Iran is currently exporting oil to over 17 countries, effectively neutralizing the impact of US sanctions on its oil and gas sectors. The recent deals with Bangladesh and Oman underscore Iran’s resilience and strategic acumen in navigating geopolitical challenges to sustain and grow its economy.