TEHRAN: Iran’s Oil Minister Bijan Namdar Zanganeh said in Tehran on Monday that Iran’s oil exports have fallen 60 percent to 1 million barrels a day.
Iran would not give in over 1 million barrels a day, constrained by international sanctions on its energy and financial industries, Zanganeh said at a conference in Tehran. The minister did not elaborate, nor did he specify dates for the 60 percent cut in the nation’s exports.
Further US and European sanctions on Iran over its nuclear program have curbed foreign investment and hindered development of the Persian Gulf state’s oil and natural gas reserves. Iran produced 2.77 million barrels a day of oil in December, down from an average of 3.58 million in 2011.
