OPEC and other countries currently have an ample surplus oil production capacity of 3-4 million barrels per day (bpd). Iranian oil is of good quality and can be produced using conventional techniques at low cost. Iran’s oil production before that war had exceeded 6 million barrels per day, but has stayed below 4 million bpd ever since. Of even greater importance are Iran’s gas reserves, the second largest in the world. Iran’s petroleum industry needs major investments, infusion of new technology and access to global markets.

Source: Indian Express February 05, 2026 13:25 UTC