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Iran is aiming to fill the void left behind by Russia in the European oil market if the Middle Eastern country can secure a deal with world powers over its nuclear program.
The Islamic Republic’s state oil producer will try to win back customers in countries like Greece, Italy, Spain and Turkey in the event sanctions targeting its energy industry and economy are eased, according to people with knowledge of Iran’s strategy. At the end of the year, Europe will ban most of its member states from buying seaborne cargoes of Russian oil, creating uncertainty over supply.
Iran and Russia are both subject to aggressive economic sanctions levied by mainly western countries. European Union nations are set to cut most Russian crude starting Dec. 5 as punishment for that country’s war in Ukraine. The US has spearheaded ever-tightening sanctions over the past four years, trying to slow Iran’s nuclear program.
For Iran, the European focus could help it to cope with intensifying competition in its prized Asian market from an influx of discounted Russian cargoes.
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