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Friday, June 3, 2011     FOR YOUR EYES ONLY

Iran faces 30 percent decline in oil production

NICOSIA — Iran faces a sharp drop in crude oil production due to sanctions and the lack of foreign investment.


Officials said the Oil Ministry has determined that Iran would see a 30 percent decline in oil output unless the government attracts major foreign investment to the energy sector.

They said the Teheran regime has set a requirement for $150 billion in investment by 2015.

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"If the investments are not realized, the country's oil output will drop to 2.7 million barrels per day," Iranian Deputy Oil Minister Mohsen Khojasteh-Mehr said.

Iran has reported oil production of 3.7 million barrels per day, the highest in the Middle East after Saudi Arabia.

Under the ministry plan, Iran's output capacity would increase from the current four million to 4.7 million barrels per day by 2015. Natural gas capacity, the focus of $75 billion in investments, would rise from 600 million to 1.47 billion cubic meters per day.

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