Bartering is Iran's best hope to bypass sanctions
With oil exports in freefall, the country is hoping that a new EU-backed plan to help companies continue trading will work. But optimism is low
For many Iranians, it is a case of déjà vu. Under intense US pressure, the Islamic Republic's oil exports are being squeezed hard. In an echo of the darkest days of 2012, when sanctions brought Iran's exports of crude and condensate to just 1.5m barrels a day—their lowest level since 1986—the latest export figures made for grimly familiar reading. In the first week of October, Iran's crude oil exports fell to just 1.1m b/d, according to tanker data cited by Reuters. The decline has been precipitous. In April, the last month before President Donald Trump pulled the US out of the 2015 nuclear deal with Iran, the so-called Joint Comprehensive Plan of Action (JCPOA), Tehran was selling 2.5m b/d.
Also in this section
2 June 2025
It is time to acknowledge that the US-Saudi Arabia nexus is driving a fundamental shift in OPEC strategy
2 June 2025
More than anything else, weak Chinese gas demand is providing relief to EU consumers, but it is uncertain how long this relief will last
30 May 2025
Energy majors argue transition debate has started to factor in the complexities of demand shifts and the wider role for gas
29 May 2025
Sovereignty is the watchword for the new government, but there are still upstream opportunities for those willing to work closely with the state
