Iran Oil Industry Faces Bleak Outlook 40 Years After Revolution - Bloomberg:
As Iran’s Islamic Republic enters a fifth decade, its energy industry has little to celebrate. The country’s crude output has yet to recover to pre-revolution levels and is unlikely to do so for many years, even without U.S. sanctions.
Oil production is languishing as foreign investors steer clear of the world’s fourth-largest holder of crude. Pledges by U.S. officials to tighten curbs on Iran’s oil sales and the expiration of waivers for several of the nation’s customers in early May are set to further restrict its exports.
Iran’s output slumped after the U.S. reinstated sanctions last year, accusing the country of sponsoring terrorism. Exemptions for importing countries including Japan, China, Turkey, India and South Korea have partially cushioned the blow. While some Iranian officials say they expect Washington to extend the waivers when they expire -- possibly to help offset the decline in output of similar-quality crude from Venezuela -- President Donald Trump’s administration insists it has no plans to do so.
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