Iran's nuclear agreement could boost oil market
Tehran’s mid-July nuclear agreement provides space for its re-entry into the global oil market, and for international oil companies to plant their flags back in the Islamic Republic
Now that the ink has dried on the historic nuclear agreement between Iran and the P5+1 group on 14 July, international oil company chiefs are revisiting old plans and tentatively re-engaging with the Islamic Republic’s hydrocarbons leadership. Meanwhile, some of Iran’s biggest customers are in talks over buying greater volumes of crude, anticipating some hefty discounts as Tehran seeks to claw its way back into the Asian market. International sanctions imposed to force Iran to curb its nuclear programme have halved oil exports to just over 1m barrels/day (b/d) since 2012. But the International Energy Agency has estimated that Iranian oilfields, which pumped around 2.87m b/d in July, could in
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
