Sanctions on Iran: Is there a limit to their effect on Iran's oil production?
That protection allows those countries to continue making some crude oil purchases from Iran so long as the "significant" threshold is respected. Iran produced around 3.5 million barrels of oil per day last year, before sanctions honed in on the country's energy sector. The U.S. Energy Department's Energy Information Administration, however, expects production to fall to 2.7 million bpd this year and another 200,000 in 2013. Using information collected for the CIA's World Fact Book, that decline could theoretically knock Iran out of the Top 10 in terms of yearly crude oil production.