Iran has almost fully stopped investment into oil due to price fall
Edited by Rhod Mackenzie / 2015-08-26 10:59:07
In 2015 Iran almost didn’t invest into the oil sector due to a sharp price fall for energy products, Bloomberg reports.
The Minister of Oil of Iran, B. N. Zangane, said that the reduction went on after the all from almost $40 bln in 2011-2012 to $6 bln in 2014.
Previously in August the head of the subdivision of strategic planning of the Ministry of Oil of Iran, S. Gavampur, said that the need of the oil sector of Iran in investment is $100-500 bln in the coming 5 years.
Iran assesses the overproduction of oil in the world at 3 mln barrels a day, Zangane said. Teheran plans to increase the extraction by 500 thousand barrels a day right after the cancellation of international sanctions and then by another 500 thousand barrels a day.
