War between Israel and Iran has erupted again. On Friday, June 13, 2025, Israel launched airstrikes on Iranian nuclear, military, and infrastructure facilities.
Then, on Saturday, June 14, 2025, Iran retaliated by launching missiles at Israel. This tit-for-tat action continues to this day.
Besides causing casualties on both sides, this war has also triggered a global increase in crude oil prices.
Quoting Reuters, on Tuesday, June 17, 2025, at 03:40 GMT, Brent crude oil prices rose 0.5% to US$73.57 per barrel, and US West Texas Intermediate crude oil prices rose 0.4% to US$72.06.
"Oil prices climbed on Tuesday on concerns the Iran-Israel conflict may intensify, raising the risk of further unrest and the potential disruption of oil supply from the key Middle East producing region," said Reuters.
According to data from the Organization of the Petroleum Exporting Countries (OPEC), Iran is indeed one of the major oil-producing countries in the Middle East, even ranking among the top global producers.
In 2023, Iran produced 2.86 million barrels of crude oil per day. This figure is equivalent to 12% of the Middle East's total production, 4% of global total production, and places Iran 8th in the world.
Here is a list of the top 10 largest global crude oil producers in 2023, according to OPEC data:
1. United States: 12.93 million barrels per day
2. Saudi Arabia: 9.61 million barrels per day
3. Russia: 9.59 million barrels per day
4. China: 4.18 million barrels per day
5. Iraq: 4.12 million barrels per day
6. Brazil: 3.40 million barrels per day
7. United Arab Emirates: 2.94 million barrels per day
8. Iran: 2.86 million barrels per day
9. Kuwait: 2.59 million barrels per day
10. Norway: 1.79 million barrels per day