Iran is on course for a fifth consecutive annual increase in oil production, albeit a marginal increase, despite the return of President Trump to the White House in January and the launch of his ‘maximum pressure 2.0’ campaign (MEES, 7 February). Production has averaged 3.27mn b/d over the first ten months of the year (see chart), although volumes have dropped back slightly from their April high point of 3.31mn b/d.
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