Desperate not to let the positive momentum of last week’s nuclear talks in Geneva slip; Iran has been quick to shift its focus back home, and has called for a concerted effort towards reviving its ailing oil and gas industry. Having long been the lifeblood of the country’s economy, Iran’s oil and gas industry has been hit hard in the recent year or so by a combination of crippling Western sanctions and a lack of sustained attention and investment.
Once OPEC’s second largest crude oil producer – behind only Saudi Arabia – Iran has seen its crude oil output slump to just 2.65mn b/d last month; down more than 26% from levels seen before sanctions were first introduced (see p12). Crude exports, which the sanctions have primarily targeted, are also down, at an average of around 1mn b/d over the past three months. This represents a near 60% drop in crude oil exports since 2011, MEES estimates show. (CONTINUED - 1011 WORDS)