
Iranian oil production has plunged to its lowest level for more than two decades because of the impact of U.S. and European sanctions, the International Energy Agency has said in a report that highlights the growing economic pain of the sanctions, The Financial Times reported Friday, October 12. The IEA on Friday said Tehran produced just 2.63m barrels a day in September, the lowest level in nearly 23 years and down from 2.85m b/d in August. Over the past year Iranian oil output has fallen by more than 1m b/d, hitting the country’s economic stability. The IEA’s estimate surprised the oil market, which had expected a rebound in Iranian oil exports and production last month. The watchdog said the compliance with sanctions “appears to have tightened."