Iran’s oil hopes may hinge on Vienna outcome
The fate of Iran and the sanctions against its oil sector is a wildcard facing Opec as it tries to balance the market. Meetings in the Austrian capital this month should make the picture clearer
The fate of an oil industry over a century old can turn on the events of a few weeks. When negotiators from the P5+1 group (the UN Security Council plus Germany) reached a temporary accord with Iran on 24 July, the Brent oil price was $108 a barrel. The implications of the fall of Mosul to Islamic State (IS) on the night of 9 June were still being digested.Events have developed in ways both favourable and unfavourable to Iran. Oil prices have fallen sharply, with Brent now below $90/b. US production continues to surge, demand is tepid, and Iraqi and Libyan exports picked up in September. Iranian oil minister Bijan Zanganeh has decided not to call for an emergency Opec meeting before the next
Also in this section
20 February 2026
The country is pushing to increase production and expand key projects despite challenges including OPEC+ discipline and the limitations of its export infrastructure
20 February 2026
Europe has transformed into a global LNG demand powerhouse over the last few years, with the fuel continuing to play a key role in safeguarding the continent’s energy security, Carsten Poppinga, chief commercial officer at Uniper, tells Petroleum Economist
20 February 2026
Sempra Infrastructure’s vice president for marketing and commercial development, Carlos de la Vega, outlines progress across the company’s US Gulf Coast and Mexico Pacific Coast LNG portfolio, including construction at Port Arthur LNG, continued strong performance at Cameron LNG and development of ECA LNG
19 February 2026
US LNG exporter Cheniere Energy has grown its business rapidly since exporting its first cargo a decade ago. But Chief Commercial Officer Anatol Feygin tells Petroleum Economist that, as in the past, the company’s future expansion plans are anchored by high levels of contracted offtake, supporting predictable returns on investment
