CGES: Sanctions stifle Iran's oil production, exports

10/01/2012
Western-led sanctions against Iran's oil exports aiming to push Tehran to return to negotiations on uranium enrichment have displaced from the market more than 1 million b/d of crude oil, distorting market fundamentals and affecting prices, according to the Centre for Global Economic Studies (CGES), London. While additions to oil output by Saudi Arabia, Iraq, the US, and Canada have helped to mitigate the Iranian oil shortfall, regional refining centers—especially the Mediterranean—have been affected. And some Asian buyers have been forced to reduce their imports of Iranian crude to avoid US penalties. As a result, CGES reports, Iran's oil production fell to little more than 2.5 million b...
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