At least a quarter of Iran's oil rigs are out of action as U.S. sanctions s...
LONDON - At least a quarter of Iran’s oil rigs are out of action as U.S. sanctions strangle the Islamic Republic’s vital oil industry, according to a Reuters review of financial documents and industry sources, dealing a potentially long-term blow to its oil industry.
The U.S. sanctions aim to curtail Tehran’s nuclear ambitions and regional influence. They have forced Iran to slash its oil output by half since early 2018 to less than 2 million barrels per day because refineries worldwide have stopped buying its oil. Some of Iran’s oil rigs are out of action because they can’t be repaired. Sanctions have also made it more difficult and expensive for Iran to buy and import spare parts.
Sanctions had driven up the costs of spare parts as much as five-fold, making it not feasible to repair the rigs, he added. A spokesperson for the office of Iranian President Hassan Rouhani declined to comment on how U.S. sanctions have impacted the nation’s oil industry. The remaining 75 rigs are owned by small drilling operations firms. Reuters was unable to verify the status of all the privately-owned rigs, but two industry sources said that 20 of those rigs had been idled.
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