EU hopes against hope on Iran
President Emmanuel Macron of France has offered himself as a broker in the US-Iran Gulf standoff, but the chances of an agreement are small
Macron has launched his initiative aiming to keep alive the Iran nuclear deal, signed in 2015, which the EU continues to support. The EU has also set up an alternative payment system to help European companies trade with Iran outside the US banking apparatus—the Instrument in Support of Trade Exchanged (Instex)—but there are few takers. Many European companies fear penalties against their US subsidiaries if they trade with Iran, along with denial of trade to the US market. Iranian exports to the EU are down 93pc. China, the biggest importer of Iranian oil, is better placed to shrug off US sanctions, yet has cut hydrocarbons imports by at least half, with many exporters having the same concer
Also in this section
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind
29 April 2024
Although recent, firmer gas prices have blunted some price-sensitive demand, the overall growth outlook remains robust
26 April 2024
While the US has been breaking records for its premium grade crude, there are doubts over whether you can have too much of a good thing