By Darius Barik
The National Iranian Oil Company (NIOC) is the world’s second largest oil company by managed reserves. Joint-ventures with NIOC and its subsidiaries represent the most important potential investment deals in any future opening of the Iranian economy. However, NIOC’s formal structure does not reflect the full range of stakeholders with influence over key decisions.
We examine how authority over NIOC is distributed across the wider Iranian state, and how sanctions have changed the marketing of its oil. We do so by looking at NIOC’s formal chain of command, the political bodies that share power over it, and the network of intermediaries on which it now relies to deliver oil to its customers abroad.
Critical Questions is Bourse & Bazaar Advisory’s series of concise research notes. Published every two weeks, these notes provide policymakers, executives, and investors the answers they need to understand evolving opportunities and risks in West and Central Asia. Each leverages the Bourse & Bazaar Foundation’s staff expertise, stakeholder relationships, and proprietary data to present qualitative and quantitative insights.
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