A recent report by Bloomberg says Iran has set a five-year record in oil production in 2023.
The Bloomberg report suggests that Iran’s oil production hit 3.2 million barrels per day (bpd) in 2023 to register the second largest rise among oil producing countries.
The rise in Iran’s oil production comes despite tough US sanctions against Tehran, which aimed to choke its oil industry as a main source of revenue for the Islamic Republic.
The report says Iran has earned over $10 billion in oil revenues in 2023.