Iranian oil well blasts cut production

LONDON – Iranian oil ministry officials were Saturday assessing how much crude oil had been affected after five of the country’s crude oil wells were shut down following blasts early Thursday.

“Things are still being assessed. It is not exactly clear as to how much oil has been affected or for how long,” one Iranian oil official said.

Other sources estimate that anywhere between 50,000 to 60,000 barrels-a-day of crude oil has been shut-in following the explosions in the southwestern province of Khuzestan, one of the country’s major oil hubs.

Schlumberger