EL7.AI
CommoditiesMedium•12 November 2026•
1 min read

Iranian Oil Output Drops Below 2M BPD as US Intensifies Sanctions

Key Facts

1Iranian oil production has fallen below 2 million barrels per day from over 3.5 million barrels per day earlier this year.
2The US maintains a maritime blockade and sanctions that could cause Iranian export revenues to dry up by mid-December.
3Tehran warned it will strike US bases in the region if it comes under attack.

Iranian oil production has fallen below 2 million barrels per day from over 3.5 million barrels per day earlier this year. Vietnam.vn reported that the United States maintains a maritime blockade and sanctions that could cause Iranian export revenues to dry up by mid-December. Tehran warned it will strike US bases in the region if it comes under attack, as Washington continues its policy of maximum pressure aimed at cutting off oil revenues.

These developments occur as Allianz Trade estimates the conflict has caused more than $200 billion in damage to Gulf countries. According to the US Treasury Department, Iran has not loaded any more oil onto tankers since August 25. On the domestic front, the Iranian Statistics Center reported that year-on-year inflation for the month ending October 22 reached nearly 89%, highlighting the mounting economic pressure resulting from the blockade and land border disruptions.