China, Russia, Turkey, Venezuela, and Afghanistan are all eager to increase their consumption of Iranian oil, and U.S. sanctions are having little effect on that front.
Inflation in Iran is above 50% and protests are breaking out across the country as the economic situation worsens, but its oil industry could provide some respite.Iran’s oil industry seems to be going from strength to strength despite ongoing U.S. sanctions on Iranian energy, as governments worldwide look to secure their oil supplies in the face of global shortages and rising prices.
Iran has been pumping oil funds back into its treasury with plans to rebuild its economy as its oil wealth increases. Nevertheless, the country is facing over 50 percent inflation, driving product and utility costs up. The Brent benchmark has increased from $76 per barrel this time last year to $104 per barrel now, meaning that Iran can be highly competitive with its oil prices to attract export partners while restoring its oil wealth.
In the face of energy insecurity, it seems that everyone wants some of Iran’s oil, with many state leaders deciding to ignore U.S. sanctions to import vital energy resources to maintain their reserves. Turkey’s president Recep Tayyip Erdogan announced this week that Turkey intends to boost its imports of both oil and gas from Iran following a meeting with President Ebrahim Raeisi in Tehran.
NO DRILLIN NO FILLIN !!
Biden last month: “I’m not responsible for gas prices!” Biden now: “I’m responsible for bringing down gas prices!” 🤡🤡🤡🤡🤡🤡🤡🤡🤡🤡