Drop in Iran oil production even before fresh sanctions

US Defense Secretary Robert Gates said recently that the draft UN Security Council resolution on sanctions against Iran is stronger than he expected, but it appears as though the US’ efforts to curb Tehran’s nuclear ambitions have already yielded results in the form of a sharp drop in Iran’s oil production and a subsequent loss of billions of dollars. “Oil production capacity has dropped by probably about 300,000-400,000 bpd,” a former senior official in Iran’s government told the Financial Times.

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