Facing Economic Squeeze, Iran Plays Asian Energy Game

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Five years before the Islamic Revolution, Iran produced 6.1 million barrels of oil a day. By the end of 2006 the Iranian oil industry was only pumping 3.9 million barrels a day, 5 percent below its OPEC quota. Barely able to produce any oil for export or cope with escalating domestic demand, Iran’s energy industry has been sliding steadily toward crisis. Yet Iran’s oil reserves are second only to Saudi Arabia’s, and its gas supply is eclipsed only by Russia’s. Having vast energy reserves and the technology to extract and refine them, however, are two different things. A mega-deal struck […]

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