Iran’s Production Numbers Aren’t Heading Upward

As a child I gleefully walked down to the coast, and, with the aid of a small bucket, built castles mighty across the foreshore. Unfortunately, as I scurried with the bucket, the tide would come in and nibble bits of the castle walls away, so that no matter how hard I tried, at the end of the day the castle collapsed.

I am reminded of that old memory today as two different stories are in the air from Iran. The first is the good news that, with the opening of three oilfields, overall output will rise to 4.2 mbd almost immediately. (Thanks peak oil).

At the same time, the inexorable tide of depletion moves steadily shoreward. Rigzone carried the remarks from Iran