Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, is having difficulties financing oil projects because foreign lenders are reluctant, the oil ministry says.

"We are facing problems in financing oil-industry projects," the ministry's news website, Shana, reported last week, quoting Oil Minister Kazem Vaziri-Hamaneh."The co-operation of foreign banks and financiers has declined therefore, we are seeking solutions inside Iran."

I've heard worse news.