Iran reduces oil production projects on lack of funds

Iran has had to reduce oil production projects on a lack of funds and a drop in income from oil exports, Oil Minister Bijan Zanganeh said on Tuesday.

“All attacks are against us and the income from oil exports has been reduced. We have reduced many production projects because we don’t have money at all and side projects have been closed for a long time,” Zanganeh said.

U.S. President Donald Trump pulled out of a multilateral nuclear deal with Iran in 2018 and reimposed sanctions that have hammered the Islamic Republic’s economy and reduced crude oil exports by more than 80%.