Abstract
In normal circumstances, given the strength of demand in the last quarter of 1978, crude oil production from Iran might have been expected to maintain its September near-capacity level of 6 million b/d through the fourth quarter. Instead, under the impact of oil workers’ strike action against the Shah’s regime, it declined to 5.5 million b/d in October, 3.5 million b/d in November and 2.3 million b/d in December. Towards the end of December oil exports were suspended, with only some 700,000 b/d being produced for local consumption. After the deposition of the Shah and the triumph of Ayatollah Khomeini, Iranian crude exports were resumed at the beginning of March 1979; production built up to a rhythm of around 4 million b/d, falling towards 3 million b/d in the last quarter of the year to make an overall 1979 average of 3.1 million b/d.
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© 1980 OPEC
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Seymour, I. (1980). The Iranian Crisis and the Second Oil Price Explosion. In: OPEC. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-05794-8_8
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DOI: https://doi.org/10.1007/978-1-349-05794-8_8
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-05796-2
Online ISBN: 978-1-349-05794-8
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