Iran's resistance stiffens as US pressure grows
Minor incidents in and around the Gulf have failed to trigger a major conflict, but diplomats are struggling to ease tensions
An "evil maturity" of US sanctions has tightened around Iran, according to oil minister Bijan Zanganeh, making conditions worse than during the Iran-Iraq War. The government has limited options on the economic front, but the means to strike back diplomatically and militarily. Prior to the re-imposition of sanctions in November 2018, oil exports were running at about 2.7mn bl/d. April was the last month before the expiry of all US waivers, and Iran exported almost 1.2mn bl of crude and condensate, though some of this was delivered to storage. China took almost half of the total, India another quarter, and Japan, South Korea and Turkey the rest. In May, this was slashed to barely 0.5mn bl/d, v
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy