Commodities & Energy

Reuters exclusively reports U.S. sanctions have idled a quarter of Iranian oil rigs

Reuters exclusively reports U.S. sanctions have idled a quarter of Iranian oil rigs

Reuters exclusively reported that at least a quarter of Iran’s oil rigs are out of action as U.S. sanctions strangle the Islamic Republic’s vital oil industry, dealing a potentially long-term blow to its oil industry. The lack of rig activity could damage the OPEC member’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.