Iran diverting funds into oil production

VIENNA: Iran’s oil minister said Wednesday his country is diverting funds from other sectors of its national budget to support its oil industry

“We have to bring money from other sectors to the oil sector,” Nozari told the Fourth OPEC International Seminar.

He gave no figures but later told The Associated Press that while some fields were still profitable at that prices production at others had to be subsidized to maintain output at over 4 million barrels a day. Shutting down production could mean high restart costs if prices rise.

International Herald Tribune