Iranian oil buybacks: a formula no one likes

Click here to enlarge imageIran's thriving oil industry in the late 1960s and throughout the 1970s-when its daily crude oil production reached the highest in the Middle East in 1 year and subsequently remained the second highest within the Organization of Petroleum Exporting Countries-suffered massive losses during the 1980-88 Iran-Iraq war. Even with production capacity gradually built up since the ceasefire to about 4 million b/d-up from a 1.3 million b/d output in 1981-the National Iranian Oil Co. (NIOC) is still a small shadow of its 1974 self, when output surpassed 6 million b/d.The restoration of the petroleum sector to its prerevolution rank has become a high priority, if not...

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