Tehran makes a virtue of necessity
Iran aims to channel the fruits of accelerating upstream oil development into refining and petchems integration
Iran’s share of oil producers’ current price windfall may be constrained by sanctions and heavy discounts, but it still exists. And, like many of its regional peers, Tehran is ploughing the cash into boosting upstream capacity—resurrecting field development projects long stymied by international investor ostracism and chronic fiscal strain. But, despite a snap early-August resumption of stalled talks with the US, the prospect of the hardline political elite making the concessions necessary for sustained readmission to mainstream global crude trade appears slim. Iran aims instead to push further and faster downstream, funnelling more oil production beyond simple refining into higher-value pet
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
