Wednesday, March 29, 2006

US Congress Sees Iran's Oil Industry Damaged By Gov't. Policy

Middle East Economic Survey:
In a report timed to coincide with UN Security Council deliberations over the Iran nuclear standoff, the Joint Economic Committee of the US Congress has issued a report which states that "support for terrorism and economic mismanagement by the government have damaged oil and gas development in Iran."

The report Iran's Oil & Gas Wealth, published by the committee in mid-March, reiterates the US argument that Iran's vast oil and gas resources – oil reserves estimated at 132.5bn barrels and gas reserves of 971 tcf, with oil production estimated at 4.2mn b/d in 2005 and exports at 2.7mn b/d – "undermine the Iranian regime's claim that its nuclear program is needed for domestic energy generation."