China’s flexible energy policy and the US sanctions against Iran and Venezuela
In the last few years, China’s energy policy has changed radically owing to both the changed priorities in domestic policy and sharp bifurcations in the international situation. As the growth pace of the national economy slowed ...
... pull out of JCPOA in May 2018 and his further move to reimpose all sanctions on Iran, including the embargo on Iranian oil exports, proved to be a game changer.
Today, Iran’s oil production has dropped to its lowest level since the 1980’s as U.S. sanctions came into full force in May, the International Energy Agency (IEA)
reported
. According to OPEC’s June Oil Market Report, Iran’s oil production in 2019 has been consistently falling. It has already decreased by 34 percent to 2.37 mbd in May 2019. As of now, there are no factors in place that could revert this trend in the foreseeable future, which means Tehran’s oil ...