Iran wants Caspian 'release valve' opened
Sanctions-hit Iran and its neighbours are seeking to resolve boundary uncertainties to unlock further oil and gas reserves in the Caspian Sea
Representatives from the five Caspian states are due to meet in Kazakhstan in August to sign a convention on the legal status of the sea. It's a chance for Iran, Russia, Azerbaijan, Turkmenistan and Kazakhstan to agree the demarcation of oil blocks in a region that's becoming increasingly attractive for the sector as a counterweight to the politically risky Middle East. US president Donald Trump's 8 May decision to re-impose nuclear sanctions on Iran and withdraw from the Joint Comprehensive Plan of Action (JCPOA) has focused minds at oil companies on the risks of doing business with Tehran. These could potentially cover Azerbaijan's Shah Deniz development, given Iran's national oil company
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
