Iran can replace Russia in the European oil market

Iran's prospects of taking part of Russia's share in the oil market look increasingly realistic, especially if the nuclear deal is renewed. 

At the same time, Iran, as well as Russia, is under sanctions and competes with it for selling oil at a discount to buyers who are not under sanctions, especially China and India.

After the easing of anti-Iranian sanctions and the resumption of the nuclear deal, Iran will look for customers for its oil in countries such as Greece, Italy, Spain and Turkey.

Recall that the nuclear deal, also known as the JCPOA, was concluded by Iran with 6 world powers (the United States, Great Britain, China, France, Germany and Russia) in 2015. However, under the presidency of Donald Trump, the United States unilaterally withdrew from the agreement in May 2018. The deal involves Iran voluntarily limiting its nuclear program in exchange for the lifting of sanctions, including in the oil sector.

Analysts note that entering the European oil market may play into Iran's hands, especially in the current conditions of the supply crisis, when extensive sanctions are imposed on the main supplier of oil to Europe, Russia. As you know, Iran is already increasing production, and by March 2023 it will grow by 6% – up to 4 million barrels per day.