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Sunday, 7 August 2016

If Iran opens its oil sector, will Saudi Arabia be next? | GulfNews.com

If Iran opens its oil sector, will Saudi Arabia be next? | GulfNews.com:

"Iran has taken a big step toward bringing foreign investors back into its oil and gas sector. The experience of neighbouring Iraq shows it still has a long road to walk, though — if successful — there may well be a lesson here for Saudi Arabia on opening up to outside help.

Iran has restored most of the production it lost because of sanctions imposed in 2012, confounding analysts with its speed of recovery. Crude exports are back at 2 million barrels a day and the country is slowly re-establishing itself in European markets.

But the next step — taking output back to levels last seen before the 1979 revolution — needs the assistance of foreign oil companies. And that’s much more complicated."



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