Sanctions Strangle Iran's Oil Output

An Iranian worker Bahman Famil Khalili works at Tehran's oil refinery, Iran, Saturday, Nov. 17, 2007. Iran's president said Saturday that the Organization of Petroleum Exporting Countries is "under heavy economic and political pressures" and that the oil prices are below its real value, state-run-news agency reported. Mahmoud Ahmadinejad made his remarks prior to his trip to Bahrain and Saudi Arabia where he is due to attend the OPEC summit. (AP Photo/Vahid Salemi) — An Iranian worker at Tehran's oil refinery in 2007. (Vahid Salemi / AP Photo)

According to the Financial Times, Iran's oil production has fallen to a 10-year low, hitting levels last seen during the Iran-Iraq war.

The country’s crude production fell by 50,000 barrels a day to 3.38m b/d in February, according to the International Energy Agency. The last time it was that low was in late 2002, IEA statistics show.

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