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Iran spent $25 bln in 2012 to retain its position in OPEC

Posted on 08 January 2013

As Western sanctions have started to take real effect on Iran’s oil exports its production volumes have been reduced sharply throughout 2012, which allowed Iraq to overtake Iran as the second largest producer in OPEC.
Iran’s oil minister, Rostam Qasemi, said that in order to try and maintain a decent position in the OPEC table, and keep the corresponding influence that the position brings, Iran has had to invest $25 billion on upstream oil and gas production since last March, and will need to keep this level of investment up in the future………………………………………..Full Article: Source


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