Iran (IMNA) — In an interview with Tasnim News Agency, Nobahar said Iran’s position in the global energy landscape is based on a combination of resource potential, production capabilities, infrastructure and geography. He noted that before the disruptions of 2026, the Strait of Hormuz was one of the world’s most important energy transit routes.
According to OPEC data cited by the expert, Iran had approximately 208.6 billion barrels of proven crude oil reserves at the end of 2024. The country’s crude oil production stood at about 3.26 million barrels per day in 2024, underscoring its significant position in terms of oil resources.
Nobahar stressed that Iran’s oil power should be assessed by distinguishing between proven reserves, production capacity, actual exports and the ability to influence the market. Large reserves alone do not create market power, he said, emphasizing that production capacity, transportation capabilities and access to markets are also crucial.
The U.S. Energy Information Administration (EIA) has estimated that Iran’s crude oil production capacity could return to approximately 3.8 million barrels per day if sanctions restrictions are lifted, he added.
EIA data also show that Iran’s exports of crude oil and condensates increased from about 400,000 barrels per day in 2020 to nearly 1.4 million barrels per day in 2023. Exports were estimated at about 1.5 million barrels per day during the first eight months of 2024.
China accounted for about 90 percent of Iran’s crude oil and condensate exports in 2023, according to the data. Nobahar said these figures demonstrate Iran’s ability to maintain oil exports under sanctions, while also highlighting the importance of diversifying export markets to strengthen the country’s ability to maneuver in the oil market.
Hormuz and global energy flows
Nobahar said Iran alone does not determine global oil prices, but its production capacity, large reserves and geographic position can influence supply balances and market expectations.
The strategic importance of the Strait of Hormuz further enhances Iran’s position because the waterway serves as a major transit route for oil produced by Persian Gulf countries and destined for global markets.
According to EIA data, approximately 20.9 million barrels per day of crude oil, condensates and petroleum products passed through the Strait of Hormuz in 2023. Of that volume, about 14.9 million barrels per day consisted of crude oil and condensates, representing a substantial share of global seaborne oil trade.
As a result, Nobahar said, the economic importance of Hormuz extends far beyond that of a regional waterway. Any disruption to the strait affects the calculations of refineries, shipping companies, insurers, energy traders and oil-importing governments.
Infrastructure key to oil power
The expert emphasized that Iran’s oil power extends beyond production at the wellhead and encompasses a wider network of production facilities, storage sites, export terminals, pipelines, transportation fleets, destination refineries and financial mechanisms.
The greater the flexibility of this network, he said, the greater Iran’s ability to convert its oil reserves into economic power. Developing export terminals outside the Hormuz area, increasing storage capacity, diversifying customers and strengthening energy transmission infrastructure are therefore strategically important.
Nobahar pointed to Iran’s Jask export infrastructure and the Goreh-Jask pipeline as examples of efforts to reduce the vulnerability of oil exports to constraints affecting the Hormuz route. The pipeline has a nominal capacity estimated at about one million barrels per day.
Iran’s oil loading terminal capacity is also estimated at more than 8 million barrels per day, he said, indicating substantial infrastructure capacity within the country’s oil industry.
Diversifying export markets
Regarding Iran’s dependence on China as a major oil customer, Nobahar said the Chinese market remains highly important for Iranian oil, while diversifying customers could reduce the risks associated with market concentration.
Citing a Reuters report published on Aug. 21, 2026, he said Iran’s oil exports to Chinese buyers that month reached about 534,000 barrels per day. The report also indicated that floating oil inventories had declined from approximately 105 million barrels to 80 million barrels.
Nobahar said energy security is a key element of these calculations. A country may possess significant oil resources, but without reliable transit routes, sufficient export capacity and diversified markets, it cannot fully realize the economic potential of those resources.
Iran, he said, has a distinct combination of capacities, including vast oil reserves, considerable production, access to Asian markets and the Persian Gulf, as well as the development of alternative export routes.
Joint fields and resource development
The expert also emphasized the importance of developing joint oil fields as part of Iran’s strategy to strengthen its oil power.
Increasing production from shared fields, expanding processing infrastructure and collecting associated gases could help boost output while preventing resource waste, he said. Protecting Iran’s share of joint fields is particularly important because any decline in production from these fields could reduce the country’s economic share of a shared resource.
Nobahar described Iranian oil as a geopolitical tool, but stressed that its power extends beyond the volume of reserves.
He said the combination of 208.6 billion barrels of proven reserves, crude oil production of about 3.26 million barrels per day in 2024, potential production capacity of 3.8 million barrels per day, exports of about 1.5 million barrels per day during the first eight months of 2024, and Iran’s geographic position adjacent to the Strait of Hormuz has created a broad set of economic and strategic assets for the country.
From oil revenues to sustainable oil power
Nobahar said Iran’s oil policy should focus on converting reserves into sustainable oil power. This means that every barrel produced should contribute to increasing production capacity, diversifying markets, strengthening export infrastructure, expanding refining, and generating sustainable foreign-exchange earnings.
He described the government and Ministry of Oil’s focus in 1405 (2026–2027) on maintaining production continuity, renovating facilities, expanding production capacity and pursuing joint fields as a positive step in this direction.
“What matters in Iran’s oil industry,” he said, is safeguarding one of the most important foundations of the country’s economic and geopolitical power.
Nobahar concluded that Iran’s position in global energy equations would become stronger when its oil resources are transformed from a source of revenue into an integrated network encompassing production, investment, exports, refining, storage and energy diplomacy.
In this equation, he said, the Strait of Hormuz serves as the link connecting Iranian oil, Asia’s energy security and the global economy. This connection, he argued, is what gives Iran’s oil its geopolitical value and makes protecting the country’s oil capacity an economic and national priority.
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