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Iran still spending to defend its key OPEC role -oil min

Posted on 07 January 2013

Iran has spent almost $25 billion on upstream oil and gas projects since last March but needs to keep investing to keep its influence in OPEC, Iran’s oil minister said on Sunday.
Iranian oil production fell sharply last year, as Western nations tightened sanctions to starve Tehran of funds for its disputed nuclear programme, allowing Iraq to overtake Iran as the oil exporting group’s second-largest producer………………………………………..Full Article: Source


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