Iran ‘Won’t Give In’ After 60% Decline in Oil Exports - Bloomberg

Iran ‘Won’t Give In’ After 60% Decline in Oil Exports - Bloomberg:



"Iran’s oil exports have fallen 60 percent to 1 million barrels a day, the Tehran-based Shargh newspaper reported, citing comments by Oil Minister Bijan Namdar Zanganeh.



Iran, constrained by international sanctions on its energy and financial industries, “won’t give in over 1 million barrels a day,” the paper reported Zanganeh as saying yesterday at a conference in Tehran. The minister didn’t elaborate, nor did he specify dates for the 60 percent cut in the nation’s exports, according to Shargh.



U.S. and European sanctions on Iran over its nuclear program have curbed foreign investment and hindered development of the Persian Gulf state’s oil and natural gas reserves. Iran produced 2.77 million barrels a day of oil in December, down from an average of 3.58 million in 2011, data compiled by Bloomberg show. Oil exports are its main source of income."



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