This is what I got from a google search:
Iran produces approximately 4% to 4.5% of the world's total oil, with daily production ranging from roughly 3.3 million to over 4 million barrels (including condensates) as of 2023–2024. It ranks as a top 10 global producer and the third-largest producer within OPEC.
U.S. Energy Information Administration (EIA) (.gov) +4
Key Iran Oil Production Facts (2024–2025):
- Global Share: ~4%–4.5%.
- Production Volume: ~3.3–4.6 million barrels per day (total liquids/crude).
- OPEC Rank: 3rd largest.
- Reserves:
Iran holds the world's 3rd largest proven oil reserves
.
- Exports: Despite sanctions, Iran remains a major exporter, with production heavily concentrated in the southwest.
U.S. Energy Information Administration (EIA) (.gov) +4
While Iran produces less than 5% of global oil, its strategic location near the Strait of Hormuz—through which about 20% of the world's oil passes—gives it significant influence over global energy markets.
Sanctions throttled Iranian production dow to less than 1.5% last couple of years. Lately.....maybe 1% or so.
Supposedly there are China bound ghost tankers afloat right now with 150 million (or more) barrels. But they aren't getting there.
As of March 2026, the volume of Iranian "ghost" oil at sea has reached record levels, creating a massive floating stockpile that is currently heavily disrupted by both intensifying sanctions and the outbreak of Operation Epic Fury.
The "Oil on Water" Inventory
Recent reports from maritime intelligence firms like Kpler and Vortexa indicate that Iran has between 166 and 170 million barrels of crude and condensate currently afloat.
Total Volume: Approximately 170 million barrels, representing roughly 50 days of Iran’s total production.
The "Shadow Fleet": This oil is carried by a "ghost armada" of several hundred aging tankers that operate without standard insurance, frequently disable their AIS (Automatic Identification System) transponders, and use ship-to-ship (STS) transfers to obscure the oil's origin.
Primary Destination:
China remains the destination for 80-90% of these exports, primarily feeding the "teapot" refineries in Shandong province.
Are They Presently Stranded?
Yes, the fleet is facing a dual-pronged crisis that has effectively "stranded" a significant portion of the inventory:
1. Impact of Operation Epic Fury (March 2026)
The military conflict that began in late February 2026 has paralyzed the Strait of Hormuz.
Traffic Collapse: Transit through the Strait has dropped by over 80%. As of early March, only about 5 to 7 vessels are crossing daily, compared to the usual 70–80.
Physical Blockade: While not a formal blockade, the lack of war risk insurance and the threat of missile/drone strikes have created a "self-enforced" blockade. Roughly 150 to 300 tankers (including ghost ships) are currently holding position or drifting in the Gulf of Oman and the Persian Gulf, unable or unwilling to move.
Targeting of Shadow Vessels: Several tankers linked to the shadow fleet, such as the Skylight, have been struck by projectiles or naval drones since March 1, further deterring movement.
2. Tactical Idling in Southeast Asia
A second cluster of the fleet is "stranded" in a different sense:
Malaysia/Singapore Hubs: Nearly half of the floating inventory is loitering near Johor, Malaysia, and the Eastern Outer Port Limits (EOPL) of Singapore.
Sanctions Pressure: Recent U.S. Treasury (OFAC) actions in February and March 2026 targeted over 30 vessels and entities. This has forced many tankers to remain idle offshore as they struggle to find refineries willing to risk "secondary sanctions" or as they wait for more complex "laundering" maneuvers to relabel the oil as Malaysian or Indonesian.