‘Iranian oil production down by 12%’

Iranian oil production, the backbone of the Islamic republic’s economy, fell by 12% 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.

Iranian oil production, the backbone of the Islamic republic’s economy, fell by 12% 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.

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The decline, documented in a May report by the Organisation of the Petroleum Exporting Countries, is sharply at odds with statistics provided by Iran’s Oil Ministry that register no significant change in output over the past year.