Iran’s oil production declines and gas growth slower

Iran’s oil production has decreased and gas growth has been slower than expected over the past few years. That’s according to an analysis made by the US Energy Information Administration […]

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By Jacqueline Echevarria

Iran’s oil production has decreased and gas growth has been slower than expected over the past few years.

That’s according to an analysis made by the US Energy Information Administration (EIA).

It stated the country has the “world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves”.

Despite of its reserves, the EIA added international sanctions have affected Iran’s energy sector and caused “a number of cancellations or delays of upstream oil and gas projects”.

The nation produced around 3.4 million barrels of oil per day in 2014 and 5.7 trillion cubic feet of natural gas in 2013.