On Saturday it was announced that Iranian companies will soon begin drilling at the strategically important Farzad B gas field in the middle of the Persian Gulf. The development marks a rare breakthrough for the country’s energy sector after years of delays, sanctions pressure and missed opportunities. It signals that Iran has finally gained the […]
The find, with a potential 70% recovery rate, could add 198 bcm (7 tcf) to Iran’s producible reserves and help offset domestic gas imbalances during high-demand months.
Iran claims a new natural gas discovery would add an estimated 10 trillion cubic feet to its gas reserves and could help offset an expected energy imbalance.
The biggest European powers which are party to the so-called Iranian nuclear agreement of 2015, or the Joint Comprehensive Plan of Action (JCPOA) as it is officially known, launched in late August a 30-day process that would reinstate UN sanctions on Iran on September 27, if no deal is reached in the meantime.
Although the U.S. has left the door open for a resumption of talks with Iran, Europe is deadly serious about reimposing the full weight of pre-2015 sanctions on the Islamic Republic, a very senior security source who works with the European Union’s security complex exclusively told OilPrice.com last week.
The United States and Iran are poised to return to the negotiating table at a moment when tensions between the two are high and trust is low.
The talks were initially planned for July 10 in Oslo, according to RFE/RL’s sources, who now say the meeting has been postponed — likely to next week.
On Monday June 23, 2025, Iran launched a missile strike on the U.S. Al-Udeid Air Base in Qatar—a retaliatory move following U.S. airstrikes on Iranian nuclear facilities over the weekend. Explosions were reported near Doha, and additional strikes were reported against American assets in Iraq.
“[W]hile Iran has not yet targeted the route, even a limited disruption would severely impact global supply,” Oxford Economics analysts said in a June 20 client note. “In a worst-case scenario, prices could spike to $130 per barrel and shave 0.8 percentage points off global GDP.”
While China hasn’t officially purchased Iranian barrels since June 2022, third-party data providers and traders signal flows have been resilient despite broad US sanctions. That’s because the Chinese have built a supply chain outside of western control, which includes dark fleet ships and yuan-denominated payments, supporting imports of more than 1 million barrels a day.
Many questions remain, including the state of Iran’s uranium stockpile and whether any ceasefire will lead to discussions about Tehran’s nuclear program. The Islamic Republic, which has denied it’s seeking an atomic weapon, has refused to give up the right to enrich uranium, a condition the US has insisted upon.