Deputy oil minister: Iran holds $30 trillion worth of oil, other hydrocarbon resources

Photo: Deputy oil minister: Iran holds $30 trillion worth of oil, other hydrocarbon resources / Iran

Baku, Azerbaijan, Jan. 23

By Umid Niayesh, Saeed Isayev - Trend:

Iran holds $30 trillion worth of hydrocarbon resources, including oil, gas and condensates, if we count each oil barrel at $100, Iranian deputy oil minister, Mohammad Reza Moghaddam said, Iran`s IRNA news agency reported on Jan. 23.

He went on to add that since the beginning of oil production in the country, about $8 trillion worth of hydrocarbon resources have been produced so far, with $30 trillion worth still remaining.

"The country should be protecting its oil and gas resources, and should also decrease its dependence on oil and gas revenues," Moghaddam said.

According to BP statistics, Iran holds world's largest gas reserves, while being 4th in terms of proven oil reserves.

Moghaddam also noted that Iran should be able to do its own oil refining, and producing oil goods, to avoid costly imports.

Iran's oil minister Bijan Namdar Zanganeh said in September of 2013 that the country imports gasoline at about 5-7 million liters per day.

Speaking about economic sanctions on Iran, Moghaddam said that the country has enough power and potential to deal with the sanctions.

"Other Persian Gulf states wouldn't be able to tolerate such sanctions, unlike Iran," he said. "This indicates Iran's economic and political power."

On Jan. 20, the EU has agreed to suspend some economic sanctions against Iran as part of a ground-breaking nuclear deal under which Tehran has scaled back its nuclear work.

The decision included softening restrictions on trade in petrochemicals and precious metals and on the provision of insurance for oil shipments, among other measures.

The same day, Reuters reported citing the U.S. Treasury Department that the country eased some sanctions on Iran, pausing efforts to reduce Iranian crude oil exports, as part of a nuclear deal, reached by Iran and the P5+1 in November 2013.

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