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Iran Has Its Eye on Russia-Sized Hole in the European Oil Market

  • EU nations to seek alternatives after sanctions on Russian oil
  • Iran will aim to eliminate oil discounts if sanctions eased
An offshore oil platform in the Persian Gulf’s Salman Oil Field, near Lavan island, Iran.

An offshore oil platform in the Persian Gulf’s Salman Oil Field, near Lavan island, Iran.

Photographer: Ali Mohammadi/Bloomberg

Iran is aiming to fill the void left behind by Russia in the European oil market if the Middle Eastern country can secure a deal with world powers over its nuclear program.

The Islamic Republic’s state oil producer will try to win back customers in countries like Greece, Italy, Spain and Turkey in the event sanctions targeting its energy industry and economy are eased, according to people with knowledge of Iran’s strategy. At the end of the year, Europe will ban most of its member states from buying seaborne cargoes of Russian oil, creating uncertainty over supply.