Iran's Acting President Mohammad Mokhber during a cabinet meeting in Tehran
Washington belatedly targets Iran’s crude oil supply networks
Tehran is in a renewed political crisis, but its ability to find buyers for its crude exports hands it a lifeline
The death of President Ebrahim Raisi on 19 May portends a period of domestic political turmoil for Iran, just as US pressure on its crucial economic lifeline—crude oil exports to China—intensifies in the wake of the mid-April missile assault on Israel. Raisi’s helicopter crash may have been the result of technical issues reflecting the impact of sanctions on Iran’s air fleet, restricting the supply of spare parts. The one piece of good news that Iranian officials may clutch to is that the sanctions regime as applied to the country’s crude oil exports has been much less effective. “About 90–95% of Iran’s crude exports are going to China,” said Homayoun Falakshahi, senior oil analyst at analyt
Also in this section
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
