41. Post-sanctions Iran: Impacts on energy markets
- Author:
- Krševan Antun Dujmović
- Publication Date:
- 06-2016
- Content Type:
- Working Paper
- Institution:
- Institute for Development and International Relations (IRMO)
- Abstract:
- The country of Iran has a key position in energy and general security architecture of the Middle East and the world. The Islamic Republic of Iran preserves one of the biggest energy reservoirs in the world, largely still intact – the country has the second biggest gas reserve and the fourth biggest oil reserve in the world. Its geostrategic location for a major oil and gas exported is ideal as it is located between the oil- and gas-rich Caspian Sea and the globally richest region in terms of energy, the Persian Gulf, where the production cost of oil is the lowest in the world. Still, the country has been isolated since the revolution 37 years ago, and the harsh sanctions targeting the country’s energy sector introduced in 2012 have crippled its economy. After years of exclusion from the major developments in the energy markets, Iran is ready to reclaim its role as a major oil and gas producer after the removal of international sanctions in January 2016.
- Topic:
- Energy Policy, Sanctions, and Gas
- Political Geography:
- Iraq, Iran, Middle East, and Persian Gulf