Budget Cut to Cause Drastic Oil Reduction

Narsi Ghorban, a prominent Iranian energy analyst from London University, expressed concerns over the cut in oil budget, saying it could inflict long-term damage on the industry.
Ghorban said slashing the budget will cause a drastic decline in oil operations and the domino effect will make Iran lag behind its plans for the key sector, which is the country's main source of revenue, Shana reported.
"The decline in oil output will consequently reduce the country's prospects in the race with regional producers who have geared up to increase their international market share," he said.