EU hopes against hope on Iran
President Emmanuel Macron of France has offered himself as a broker in the US-Iran Gulf standoff, but the chances of an agreement are small
Macron has launched his initiative aiming to keep alive the Iran nuclear deal, signed in 2015, which the EU continues to support. The EU has also set up an alternative payment system to help European companies trade with Iran outside the US banking apparatus—the Instrument in Support of Trade Exchanged (Instex)—but there are few takers. Many European companies fear penalties against their US subsidiaries if they trade with Iran, along with denial of trade to the US market. Iranian exports to the EU are down 93pc. China, the biggest importer of Iranian oil, is better placed to shrug off US sanctions, yet has cut hydrocarbons imports by at least half, with many exporters having the same concer
Also in this section
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
20 January 2026
As the global energy system undergoes its most profound transformation in a century, the need for credible leadership, practical solutions and inclusive dialogue has never been greater. In 2026, the Kingdom of Saudi Arabia will stand at the centre of this conversation as host of the 25th WPC Energy Congress in Riyadh.
20 January 2026
The Kingdom of Saudi Arabia is the host of the 25th WPC Energy Congress on 26-30 April 2026. The Ministry of Energy spoke with Petroleum Economist about the key messages and opportunities for the global energy community.
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
