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Iran's oil exports under sanctions: 5 key implications

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24 October 2018

Iran's oil exports under sanctions: 5 key implications

Report summary

Iran's oil exports are plunging ahead of US secondary sanctions, which will be re-applied on 5 November 2018. This has led to concerns about supply in the oil market and has lifted the Brent oil price beyond US$80 per barrel in September and early October. While other OPEC producers are increasing production to compensate for lost Iranian barrels, Iran is doing its utmost to maximise export levels. The National Iranian Oil Company also had ambitious plans to revive its upstream industry, but is now facing huge challenges to reach its goals. Selling oil has become the country's most urgent economic priority. We review and assess the main implications on Iran and the oil market from the re-imposition of US sanctions.

Table of contents

  • 1. How much oil will Iran export under sanctions?
  • 2. Iran's options to maximise exports
  • 3. Domestic gas demand makes condensate marketing and storage a critical issue
  • 4. What is the impact on the upstream sector?
  • 5. What is the oil market impact?

Tables and charts

This report includes 3 images and tables including:

  • Iran's liquids exports (2017-2020)
  • Iran's crude oil and condensate production (2015-2020)
  • OECD commercial crude stocks

What's included

This report contains:

  • Document

    Iran's oil exports under sanctions: 5 key implications

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