The Iranian petroleum industry needs foreign investment and, despite the country’s vast oil and gas reserves, is struggling to maintain production levels, according to industry experts.

Although Iran is Opec’s second-largest exporter, production at the country’s leading oil and gasfields is believed to be falling by as much as 10 per cent annually because of a lack of investment and expertise.

David Kirsch, an oil analyst at PFC Energy in Washington, said: “It’s an ageing oil producer heading into plateauing production, with many fields in decline.

“The Ministry of Petroleum there has said it needs $9 billion [£4. ... Read full article