Iran’s energy industry started 2018 full of hope for growing oil production and exports. But risks abound, including new US sanctions, a possible global alliance against Iran’s alleged support of rebels in Yemen, and protests within Iran. An international agreement called the Joint Comprehensive Plan of Action (JCPOA) of 2015 lifted international sanctions against Iran. JCPOA included China, France, Germany, Russia, UK, US, and the European Union (EU). Iran promised to limit its nuclear program in return for relief from economic sanctions. But US President Donald Trump on May 8 announced a US withdrawal from the agreement. Table 1 shows the degree to which Iran has increased oil production since sanctions were lifted. Despite new sanctions, Iran possesses the technical capability to increase oil and natural gas production further. The US withdrawal likely will not have an immediate effect on Iran’s oil exports. US sanctions alone will not be […]