LONDON: Iran has taken a big step toward bringing foreign investors back into its oil and gas sector. The experience of neighbouring Iraq shows it still has a long road to walk, though – if successful -- there may well be a lesson here for Saudi Arabia on opening up to outside help.
Iran has restored most of the production it lost because of sanctions imposed in 2012, confounding analysts with its speed of recovery. Crude exports are back at 2 million barrels a day and the country is slowly re-establishing itself in European markets.
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