Bartering is Iran's best hope to bypass sanctions
With oil exports in freefall, the country is hoping that a new EU-backed plan to help companies continue trading will work. But optimism is low
For many Iranians, it is a case of déjà vu. Under intense US pressure, the Islamic Republic's oil exports are being squeezed hard. In an echo of the darkest days of 2012, when sanctions brought Iran's exports of crude and condensate to just 1.5m barrels a day—their lowest level since 1986—the latest export figures made for grimly familiar reading. In the first week of October, Iran's crude oil exports fell to just 1.1m b/d, according to tanker data cited by Reuters. The decline has been precipitous. In April, the last month before President Donald Trump pulled the US out of the 2015 nuclear deal with Iran, the so-called Joint Comprehensive Plan of Action (JCPOA), Tehran was selling 2.5m b/d.
Also in this section
5 February 2025
Growing appetite for LNG reinvigorates discussions between China and Myanmar, but civil war may prevent talk becoming action
5 February 2025
With new capacity, buyers must navigate sanctioned Russian crude, a return to traditional OPEC barrels and diversity of supply
4 February 2025
The threat of Trump tariffs and the departure of Trudeau have sharpened the domestic political focus on boosting the oil and gas industry
3 February 2025
Alaska has been engulfed by a lack of consistent policymaking and highlights the challenges financing energy projects in the US
