EU ban on Iran oil may be bonus to Tehran's fields

February 24, 2012 13:54


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


LONDON - Europe's ban on Iranian oil, aimed at piling pressure on Tehran over its nuclear program, may end up breathing new life into the country's aging oilfields, Western and Iranian oil experts said on Friday.

If Iran were forced to shut in any - or all - of some 500,000 barrels per day (bpd) of supply that would have gone to customers in the European Union, such a move would help rejuvenate, not harm, the Islamic Republic's oil reservoirs.There is a widespread expectation among oil traders and shipping brokers that Tehran will float much of the displaced European oil on tankers, because it does not want to shut in output and wreck the reservoirs.

But in actual fact, slowing Iran's current production of 3.5 million bpd would be the best thing for its overworked reserves, say veteran geologists. And in the short term, the National Iranian Oil Co (NIOC) may end up doing just that while it works to re-route the oil.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
March 20, 2019
Zarif: We will strengthen ties with countries tired of U.S. 'bullying'