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(Reuters) Peg Mackey and Alex Lawler - Tough Western sanctions are forcing Iran to shut off wells at its oilfields, reducing production and costing Tehran billions in lost revenues. Oil sales have now slumped to half the rate of last year and storage is running out. "I would guess that (oilfield) shut-ins will be more than 25% - if not already, then very soon," said a European oil executive whose company has invested in Iran. 2012-07-11 00:00:00Full Article
Sanctions Squeeze Forces Iran to Cut Oilfield Flow
(Reuters) Peg Mackey and Alex Lawler - Tough Western sanctions are forcing Iran to shut off wells at its oilfields, reducing production and costing Tehran billions in lost revenues. Oil sales have now slumped to half the rate of last year and storage is running out. "I would guess that (oilfield) shut-ins will be more than 25% - if not already, then very soon," said a European oil executive whose company has invested in Iran. 2012-07-11 00:00:00Full Article
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