JD - Reports of a potential crisis in Iranian oil production and storage due to the ongoing U.S. blockade of Iranian ports are overblown, according to Abdul Latif Darwish, Professor of Economics and International Crisis Management.
Speaking to Al Jazeera Mubasher, Darwish stated that Iran possesses several solutions to mitigate the impact of the blockade. One option involves re-injecting oil into depleted wells that have been exploited for years.
Darwish dismissed claims that closing oil wells would lead to a “quasi-nuclear explosion” due to rising temperatures, as alleged by the United States.
Earlier, an Iranian official said that the country had proactively started reducing oil production to avoid filling storage tanks, amidst the escalating U.S. naval blockade on its exports.
While acknowledging that Iran would be affected by the U.S. port blockade, given that oil and gas account for 35% to 45% of its national income, Darwish emphasized the country's reliance on other sectors such as mining and agriculture.
