Sunday, January 07, 2007

US and Allies Squeeze Iran Oil Production

See January 7, 2007 Los Angeles Times article “U.S. puts squeeze on Iran's oil fields,
A campaign to dry up financing for projects poses a threat to Tehran's ability to maintain exports, analysts say” by Kim Murphy.

The United States is “quietly gaining ground on another energy front: the oil fields that are the Islamic Republic's lifeblood….a new U.S. campaign to dry up financing for oil and natural gas development poses a threat to the republic's ability to continue exporting oil over the next two decades”“The campaign comes at a moment of unique vulnerability for Iran's oil industry, which also faces challenges from rising domestic energy consumption, international isolation, a populist spending spree by President Mahmoud Ahmadinejad and trouble closing contracts with foreign oil companies — a recipe for potential disaster in a nation with one of the world's largest reservoirs of oil.”

“The efforts by the United States and its allies over the last few months to persuade international banks and oil companies to pull out of Iran threaten dozens of projects, including development of Iran's two massive new oil fields that could expand output by 800,000 barrels a day over the next four years.”


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