Sanctions take toll of Iran’s oil industry

TEHRAN, April 28 (UPI) — When Iran, beset by international sanctions, had its annual oil and gas expo this month, there was no sign of the big Western oil companies and even less of the large-scale investment the Islamic Republic’s energy industry desperately needs.

And all the while, historic rival Iraq, its oil industry growing again after decades of decline, is threatening Iran’s influence in the Organization of Petroleum Exporting Countries.

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