These factors together with a global economic downturn triggered a reduction in demand which resulted in reduced crude prices
The loss of creation from the combined results of the Iranian revolution and the Iraq-Iran conflict brought about crude petroleum cost to significantly more than double.
Over three years afterwards Iran’s manufacturing is just two-thirds for the amount hit under the authorities of Reza Pahlavi, the former Shah of Iran. Continue reading “The nominal costs went from $14 in 1978 to $35 per barrel in 1981”