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Updated · The Wall Street Journal · May 7Iran cuts oil production by 400,000 barrels a day
13 articles · Updated · The Wall Street Journal · May 7
- US Energy Secretary Chris Wright said the drop follows Washington's blockade, with Iran's storage filling as exports falter.
- He warned prolonged curbs could force shutdowns at low-pressure, mature reservoirs, risking permanent damage and lower future output capacity.
- Vortexa data showed Iran shipped 1.84 million barrels a day in March, down from 2.15 million in February, as pressure on Tehran's war effort grows.
Can Iran's oil industry survive this blockade, or is permanent damage to a critical portion of the world's energy supply now inevitable? With the Strait of Hormuz closed, is the global economy on the brink of another devastating oil crisis and worldwide recession?