Fresh Sanctions Could Seriously Curtail Iran’s Surging Oil Exports

Last year, we reported that the Biden administration has been increasingly cozying up to Iran as the U.S. and its allies hoped to strike a new nuclear deal with Tehran after the Trump administration scuttled the Joint Comprehensive Plan of Action (JCPOA) deal of 2015. Following the imposition of severe sanctions by Washington, Iranian oil production tumbled from 3.8 million barrels per day in early 2018 to less than 2 mb/d in late 2020; however, production has surged under Biden to 3.2 mb/d. Since the start of the current escalation in the Middle…