Iran’s oil production has fallen to its lowest level since the aftermath of the Iran-Iraq war more than 20 years ago as western sanctions threaten Tehran’s economic lifeline.
Oil traders and western policy makers who monitor Iranian oil production estimate that Tehran pumped 3.2m barrels last month, the lowest since early 1992. That is below the depressed level of 1999, when members of the Opec oil cartel implemented draconian production cuts to shore up oil prices, which had fallen below $10.
“The full scale of the Iranian sanctions is yet to be fully appreciated by the market,” James Zhang, oil analyst at Standard Bank in London, said in a note to clients. Just five years ago, Iran produced 4.2m b/d. It pumped 3.7m b/d last year.
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