Iranian oil industry under siege as international sanctions grow

Mansour Kashfi Kashex International Petroleum Consulting Dallas International sanctions have ravaged the Iranian oil industry, the production of which once exceeded 6 million b/d, more than twice the current level. Rostam Ghasemi, the Islamic regime's oil minister and a veteran not of the industry but of the Islamic Revolutionary Guard Corps, recently said the National Iranian Oil Co. plans to raise oil production to 5.2 million b/d within the next 3 years. Such an increase would require spending of at least $100 billion/year—a level impossible to attain without foreign investment that won't materialize as long as Iran remains under international suspicion for developing nuclear weapons. ...

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