LONDON, March 1 — The US-Israeli strikes against Iran and reprisals by Tehran could severely disrupt the global supply of crude oil and send prices soaring to levels not seen in years.
Major producer
Iran remains just inside the world’s top 10 oil producers even though its output has fallen sharply since the 1970s, hit in particular by rounds of US sanctions.
The country produces about 3.1 million barrels per day, down from around double that output in the 1970s.
This remains a significant amount, and the Islamic republic is believed to hold the world’s third-largest crude reserves, cementing its strategic importance.
Additionally, Iran’s oil industry is in far better shape than that of Venezuela, another country hit by years of US sanctions.
