Iran's Oil Investments Shrink to `Almost Nothing' on Crude Slump
- Brent crude prices fall 24% this year amid supply glut
- Iran invested $10 billion in 2013, $6 billion in 2014
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Iran, the world’s fifth largest crude producer, has set aside almost nothing for oil investments this year because of the drop in prices.
Money put into the industry dropped from about $40 billion for 2011 and 2012 combined to $6 billion last year, Iran’s Oil Minister Bijan Namdar Zanganeh said Tuesday, according to the ministry’s news website Shana. Brent crude prices slumped below $45 a barrel on Aug. 24 for the first time since 2009.