Iran’s oil production has fallen to a 10-year low and could drop to levels last seen during the Iran-Iraq war in the 1980s as sanctions over its nuclear programme disrupt an industry already suffering from years of under-investment.
The country’s crude production fell 50,000 barrels per day to 3.38m b/d in February, according to the International Energy Agency. The last time it was that low was in late 2002, IEA statistics show.
Tehran’s oil output has been in long-term decline after previous US sanctions deterred foreign oil companies from investing, starving Iran of the technology needed to boost its flagging production.
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