Energy: Petro-Perils Proliferate

As Iran's exports edge up, other OP EC members just threaten to cut back

It was intended as a coming-out party for Iran's reborn oil industry. Unfortunately, when Hassan Nazih, the new director of the National Iranian Oil Co. (NIOC), pressed a button that was supposed to start crude oil flowing into the hold of a waiting supertanker, nothing happened. After 68 days of no petroleum exports at all, Iran had to wait another five minutes while technicians hurried to locate and repair an electrical malfunction in the pumping equipment. For the assembled crowd...

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