Iran defends oil output in face of sanctions

Iran defends oil output in face of sanctions

Iran’s oil minister robustly defended the country’s production capabilities yesterday and said if sanctions are lifted foreign companies would mostly be confined to a supporting role.
With some of the world’s biggest oil and gas reserves, the industry is the cornerstone of Iran’s economy, but it was heavily hit by an American and European embargo on the energy and banking sectors in 2012.
Major energy firms have since left or been stifled from doing business because of economic sanctions imposed over the country’s disputed nuclear programme.
With high hopes of an end to the decade-long nuclear dispute between Iran and the West, around 600 foreign companies registered for the International Oil, Gas and Petrochemical Refining Exhibition, three times more than last year.
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