Mounting sanctions squeeze Iranian exports
The country’s oil sector and economy will continue to feel the suffocating effects of US sanctions
In November 2018, the US withdrew from the landmark Iranian nuclear accord and re-imposed economic sanctions. Since April, the US government has aimed to reduce Iranian oil exports to close to zero, ending sanction waivers that were previously given to China, India, Japan, South Korea and Turkey. As a result, exports to Iran’s top four buyers have dropped significantly. The exact level of Iran’s oil exports has become increasingly opaque. Iranian oil tankers have been conducting tanker-to-tanker oil transfers and turning off their navigation systems to continue sanctions-busting shipments. The country’s oil revenue, while squeezed, is most likely above the officially recorded level. Governm
Also in this section
19 May 2025
The two Gulf states are combining fossil fuel production with ambitions to become leaders in low-carbon energy
15 May 2025
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
14 May 2025
The invisible hand of the market has seen increasing transparency but much more needs to be done to build a better understanding
13 May 2025
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
