Reuters exclusively reported that at least a quarter of Iranâ€™s oil rigs are out of action as U.S. sanctions strangle the Islamic Republicâ€™s vital oil industry, dealing a potentially long-term blow to its oil industry. The lack of rig activity could damage the OPEC memberâ€™s capacity to produce oil from older fields, which require continuous pumping to maintain pressure and output. That would make it difficult for Iran to raise production back to pre-sanction levels if tensions ease with the U.S.
Reuters exclusively reports U.S. sanctions have idled a quarter of Iranian oil rigs
10 March 2020, 12:00 am. 1 minute