With high oil prices and an incredibly tight physical oil market, Iran’s oil industry is bouncing back and providing the government with significant income. 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. Several heads of state have announced their intentions to increase the import of Iranian oil as Iran continues to boost production, largely ignoring U.S. sanctions, to ensure their energy supply. Considering Iran’s announcement that it saw […]