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
2 December 2024
Crucial role of gas means country is laying the foundations to control physical and trading supply chains
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
Although Iraq remains a major crude exporter, it is still some way from becoming a regional energy supply hub. Ambitious new cross-border schemes aim to rectify that situation
29 November 2024
There are opportunities for attractive returns and greater project success amid a real push by the Iraqi government for reform, as long as there is a shared understanding between the needs of investors and the host government
