Despite claims to the contrary, Western sanctions on Iran appear to be having the desired effect: Iranian oil production is at a three-decade low while crude exports continue to fall.

Iran lost in the region of $40bn in oil export revenues last year, as its crude oil exports sunk to an average of 1.5mn b/d – down nearly 1mn b/d from 2011 levels, the International Energy Agency (IEA) said on 13 February. (CONTINUED - 515 WORDS)