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Iran's Acting President Mohammad Mokhber during a cabinet meeting in Tehran
Iran Politics Markets
James Gavin
24 May 2024
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Washington belatedly targets Iran’s crude oil supply networks

Tehran is in a renewed political crisis, but its ability to find buyers for its crude exports hands it a lifeline

The death of President Ebrahim Raisi on 19 May portends a period of domestic political turmoil for Iran, just as US pressure on its crucial economic lifeline—crude oil exports to China—intensifies in the wake of the mid-April missile assault on Israel. Raisi’s helicopter crash may have been the result of technical issues reflecting the impact of sanctions on Iran’s air fleet, restricting the supply of spare parts. The one piece of good news that Iranian officials may clutch to is that the sanctions regime as applied to the country’s crude oil exports has been much less effective. “About 90–95% of Iran’s crude exports are going to China,” said Homayoun Falakshahi, senior oil analyst at analyt

Also in this section
Trump creates new risk dynamic
13 June 2025
US policies may have lasting effects in sectors such as energy, that rely on predictable rules and long-term planning
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13 June 2025
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
Energy NL upbeat on Newfoundland despite industry doubts
13 June 2025
CEO argues the upstream potential remains huge as analysts question future oil production for Canadian province’s offshore industry
Iraq seeks alternatives to Iranian gas
13 June 2025
The country is facing energy shortfalls this summer amid reduced Iranian gas imports and difficulties leasing an FSRU

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