Iran looks to Asia for sanction relief
European firms will be wary of doing business with Iran under US sanctions, but China and India are among states which won’t back off
The unilateral US decision in May to impose stringent new sanctions on Iran and withdraw from the international Joint Comprehensive Plan of Action (JCPOA) has prompted widespread discussion that more than 1m barrels a day of oil output will be lost. But oil industry and shipping officials suggest that the near-term shortfall, if any, may be less than many fear; although the longer-term effects on Iran's oil and gas sector are likely to be very negative. The JCPOA was agreed in 2015, and the following year Iranian oil production reached its highest level since just before the 1979 Iranian Revolution, at 4.6m b/d including condensates and natural gas liquids, according to the BP Statistical Re
Also in this section
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
This premier event is poised to address the evolving technology and investment demands of North America’s thriving chemical and pharmaceutical sectors
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
