EIA: Iranian oil output to tumble by 500,000 barrels per day this year

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Source: Commodityonline
Iranian oil output is likely to decline by 500,000 barrels per day by the end of this year and by 200,000 next year, reported the EIA. The lack of proper investment in the sector as well as sanctions imposed by the EU and US both are expected to accelerate the fall in the Iranian oil production. JP Morgan projects the Iranian oil output to slide to 2.5 million barrels by the end of the first half of 2012.


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