for Iran Sanctions
With international events happening at a quick pace and relationships with allies and enemies in flux, the next president will have a long list of foreign policy challenges, with major oil-producing countries as top concerns.
Although Iran has diligently reformed its petroleum contract to attract IOCs, the OPEC country is still dealing with a volatile political and economic environment that could delay and possibly undermine new and longer-term investment.
OPEC's demise has been greatly exaggerated: Venezuelan Oil Minister Eulogio Del Pino’s recent world tour of major oil capitals and the associated price bumps is proof enough that OPEC can move markets just by talking about moving markets.
Much of the energy discussion surrounding the lifting of Iranian sanctions has focused on the effects on oil prices, but Iran’s gas potential could shake up global gas markets and provide robust economic benefits for the country.
Iran has a long history of offering noncompetitive contracts to IOCs. If sanctions are removed, new contract terms are likely to draw companies back to its low-cost reserves.
For the first time in a decade, there is genuine buzz about Iran’s prospects and its plans for the future. Matthew M. Reed discusses the many obstacles facing plans to rejuvenating the country's oil industry.