Iran is experiencing a financial crisis as its currency, the Iranian rial, has experienced unprecedented devaluation over the past few months. Just in the last two weeks the value against the dollar dropped by 10,000 Iranian rials. According to S&P Global Platts, Iran’s oil production inched up to 3.83 million barrels per day in February from 3.80 million barrels per day in November. However, the Iranian oil industry seems to be unable to increase production much beyond that. Even though its OPEC allocation is technically 3.797 million barrels per day, it is permitted to produce up to 4 million barrels per day as long as its 12 month production average remains at 3.797 million barrels per day.

Source: Forbes April 11, 2018 17:26 UTC