OPEC figures show a general decline in Iran's crude oil production after Iran was hit with economic sanctions this summer, according to OilPrice.com. But has the effect of the sanctions on Iran's oil production reached a limit?
The Iranian oil sector may be lagging because of declining revenue needed to keep the domestic sector afloat. The country was hit with economic sanctions during the summer amid growing concerns over its nuclear ambitions and OPEC figures show a general decline in crude oil production from the Islamic republic. U.S. energy statistics, meanwhile, predict Iran's crude oil production should fall more than 20 percent compared to last year's figures. From the Iranian perspective, however, all is well for No. 3 among OPEC nations.
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