New York Times (May 18, 2012)
OPEC Sees Sanctions Taking Toll on Iran Oil Production
By THE NEW YORK TIMES
Iranian oil production, “the backbone of the Islamic republic’s
economy,” fell by 12 percent in the first three months of the year and
“is likely to fall even more, industry experts say, as sanctions make
it increasingly hard for the country to find markets for its crude,”
Thomas Erdrink writes in The New York Times.
“At a rate of more than 3 million barrels a day, Iran is still the
second-largest producer of crude oil in OPEC after Saudi Arabia,” Mr.
Erdrink writes.
But its production levels have been in gradual decline for years,
“hampered by sanctions that have starved the industry of spare parts
and new investment,” he writes.
Its more immediate problem now is a “lack of buyers, after new
sanctions on financial institutions and pressures by the Obama
administration on reliable customers” like India, China and the
Southeast Asian nations.
“We are not selling as much as before, and the use of outdated
equipment is taking its toll,” said Reza Zandi, an oil specialist
writing for Shargh, a newspaper that is critical of the government.
“Clearly this is not serving Iran’s interest
Note: Rest of the news blocked.
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