May 2016, Vol. 243, No. 5

Features

Iran Takes First Bold Step Back Onto Energy Stage

After years of isolation, Iran has emerged from the economic shackles of sanctions and is rapidly trying to lock in energy alliances in the Gulf, Europe and Asia. The Islamic Republic’s ailing energy industry is expected to thrive in 2016, with up to 500,000 bpd of additional crude oil entering the market and a swathe of oil gas memorandums of understandings (MOUs) signed with both historic and emerging trade partners; China, Oman, Turkey and European clients. But, Iran’s reemergence comes against a backdrop of deepening political and economic discord; neither helped by oil prices sinking to 12-year lows and triggering a wave of budget cuts. Still, Iran has seen its relations with the

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