Two other sanctioned oil producers are Venezuela and Iran
Russia sanctions to create oil market slowburn
Venezuela and Iran offer clues to potential effectiveness of the measures
Moscow’s proposed move to cut 500,000bl/d of crude output in March offered a stark reminder to the oil market: the squeeze on Russia cuts both ways. As Western powers try to put pressure on what was, before the sanctions, the world’s biggest oil exporter, the market is facing up to the reality that Russia will be able manage and that there will be dislocation rather than significant disruption for both producers and consumers for a long time to come. Just look at the other key sanctioned oil producers, Venezuela and Iran. While very different from Russia’s circumstances, both countries have also suffered internally but either found ways circumnavigate measures imposed on them and mitigate th
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
