Iranian oil production has hit a decade low of 3.38 m b/d. This is a classic problem of poor investment in infrastructure and technology. Just because you have the reserves does not mean that you can get it out of the ground. Oil production has a long lead time from exploration and drilling to extraction and refining.
The oil embargo of Iran has hurt truly its ability to exploit its proven reserves. This has been going on for almost a decade. The best oil companies will not go there to extratc the oil or use the current technology. Further, if there is a lack of oil sales, current production will have to be shutdown. This supply and demand imbalance is associated with geopolitics and not the economics of oil, but the results are the same
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