Growth hiatus
The Opec deal lets Iran increase output. It’s unlikely to breach that limit … for now
Former president Akbar Hashemi Rafsanjani, who died on 8 January at the age of 82, was frustrated by US sanctions when he tried to entice ConocoPhillips to his country. Now the administration of his successor and protégé, Hassan Rouhani, is treading a tricky path between new politics abroad, elections at home, sanctions, foreign oil companies and Opec. Iran has long had the goal of raising oil production significantly, in line with its reserves and its historical importance within Opec. For many years the group's clear second-largest producer, it has now fallen well behind Iraq into third place. Its oil production target is 5.8m b/d by 2021, of which about 4.8m b/d would be crude oil. This s
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The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards
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Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower
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Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions
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Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy
