Iran Oil & Gas Q1 2019
The outlook for Iran is increasingly challenging, with US nuclear-related sanctions set to take affect from November 5,driving a sharp decline in crude and condensates production and exports. We have grown increasingly bearish on the prospects forboth over recent months, due to the hardline position of the US and little visible progress on negotiations for waivers. The gas sectoris relatively more insulated but will suffer from the loss of foreign and private investment in the long term. Energy demand growthalso faces pressure, as the economy struggles under the weight of wide-ranging secondary sanctions.
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