Bartering is Iran's best hope to bypass sanctions
With oil exports in freefall, the country is hoping that a new EU-backed plan to help companies continue trading will work. But optimism is low
For many Iranians, it is a case of déjà vu. Under intense US pressure, the Islamic Republic's oil exports are being squeezed hard. In an echo of the darkest days of 2012, when sanctions brought Iran's exports of crude and condensate to just 1.5m barrels a day—their lowest level since 1986—the latest export figures made for grimly familiar reading. In the first week of October, Iran's crude oil exports fell to just 1.1m b/d, according to tanker data cited by Reuters. The decline has been precipitous. In April, the last month before President Donald Trump pulled the US out of the 2015 nuclear deal with Iran, the so-called Joint Comprehensive Plan of Action (JCPOA), Tehran was selling 2.5m b/d.

Also in this section
26 September 2023
Bottlenecks continue to constrain gas-rich Appalachia, and relief may not be in the pipeline
22 September 2023
Former executives and a successor company are accused of complicity in Sudanese war crimes in what is now South Sudan
21 September 2023
Nigeria’s downstream status quo changed forever with the end of fuel subsidies, but the flagship Dangote refinery has still yet to start operations
20 September 2023
Geographical position, long-term demand and decarbonisation efforts continue to support the region’s burgeoning LNG sector