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Floods force Iran to shut oil wells, damage tab rises to $2.5 billion

Flooding in Shiraz, Iran

Iran has shut about 12 oil wells in the flood-hit Khuzestan province while the catastrophe has caused an estimated $2.5 billion worth of damage, Reuters reported citing sources. Touraj Dehghani, head of Iran's Petroleum Engineering and Development Co. said that production in the country's oil-rich southwestern region was shut as a precautionary measure to prevent environmental damage.

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