Iran hobbles through the sanctions
The country faces tough times ahead, but remains confident of weathering the economic storm
In November 2018, the US administration issued waivers to eight countries to continue importing Iranian oil, albeit at reduced volumes. Two of them, South Korea and Japan, had previously cut purchases almost to zero, so this move amounted to putting oil back on the market, and contributed to that month's slump in prices. The US also gave a waiver to Iraq to continue buying Iranian electricity and gas, recognising that destabilising Iraq's economy again would not serve other interests. In 2019, the US will return to tightening sanctions, and steadily seek to eliminate waivers. But the fact of granting them so far was a tacit admission that some countries, notably China, will continue buying I
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
