Sanctions against Tehran are shifting the balance of power between two long-time Opec rivals - Iraq and Iran.
The Islamic republic, Opec's top producer after Saudi Arabia, is expected to face a fall in output from today's 3.5 million barrels per day (bpd) to 3 million bpd as an EU oil embargo takes effect and sanctions by the United States aimed at Tehran's finance and energy sectors come into force in June. Analysts predict the output level could decline to 2.7 million bpd by the third quarter.
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