Middle East

Iran

Iran is at the epicenter of escalating tensions around the Strait of Hormuz amid its standoff with the US. Economic survival is the key priority of the government as US sanctions take a significant toll.

State of Play

The return of US sanctions has crushed Iran’s planned upstream opening, quashing any appetite from western IOCs. Tehran’s hopes for foreign investment now rest firmly with Russia and China, but even here it is enjoying little progress. Meanwhile, key buyers have halted importing Iranian crude and condensate in a blow to the government's efforts to avert economic catastrophe. Iran is struggling to maintain flows using clandestine methods.

2018 In Numbers

Crude Output	3.58	mn b/d
Crude Exports	2.05	mn b/d
Gas Output (2017)	224	bcm
Gas Exports (2017)	13	bcm

Geopolitical Risk

4 Oct, 2019

Featured

Iran Confident Jask Terminal On Track For 2021 Start

Iran has started work on a 1,100km pipeline to its planned Jask export terminal. Sanctions mean contracts are going local, making planned March 2021 completion a big ask.