Two other sanctioned oil producers are Venezuela and Iran
Russia sanctions to create oil market slowburn
Venezuela and Iran offer clues to potential effectiveness of the measures
Moscow’s proposed move to cut 500,000bl/d of crude output in March offered a stark reminder to the oil market: the squeeze on Russia cuts both ways. As Western powers try to put pressure on what was, before the sanctions, the world’s biggest oil exporter, the market is facing up to the reality that Russia will be able manage and that there will be dislocation rather than significant disruption for both producers and consumers for a long time to come. Just look at the other key sanctioned oil producers, Venezuela and Iran. While very different from Russia’s circumstances, both countries have also suffered internally but either found ways circumnavigate measures imposed on them and mitigate th
Also in this section
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
13 February 2026
Artificial intelligence is pushing electricity demand beyond the limits of existing grids, increasing the role of gas and LNG in energy system planning as a fast, flexible solution
13 February 2026
Panellists at LNG2026 say demand growth will hinge less on the level of global supply and more on the pace of downstream buildout, policy clarity and bankable market frameworks
