OPEC Say Iranian Oil Production down 12% due to Sanctions
A
report published by the Organisation of the Petroleum Exporting
Countries (OPEC) in May proves that the US sanctions are finally taking
effect, as oil production, the backbone of the Iranian economy, fell by
12 percent in the first three months of this year and is expected to
continue falling.The decline in oil production is happening so fast that
Iran could lose its position as the second largest crude oil producer
in OPEC by June 2013 to Iraq; although Iran’s Oil Ministry still
maintain that they have registered no significant change…Read more...
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