Iran’s annual oil revenues to approach $110 billion

Business Materials 24 December 2011 13:43 (UTC +04:00)

Azerbaijan, Baku, Dec. 24 / Trend F.Milad/

Iran will earn up to $110 billion by selling crude oil by the end of the current calendar year (March 20, 2012), Head of the Economic Committee of Iranian parliament Gholamreza Mesbahi-Moqaddam told Pana news agency.

Despite the problems facing its energy sector, Iran successfully raised crude oil and natural gas production in 2010", Middle East Economic Digest (MEED) magazine wrote in an article in its recent issue.

The weekly announced that the fact that, Iran has managed to increase production under the current circumstances is remarkable. The analysts say that the investment in the Iranian oil and sector is down as much as 35 percent due to the sanctions.

The crude oil production in Iran in 2010 totaled 4.3 million barrels per day.

Gas production also climbed 5.6 percent to 138.5 billion cubic meters from 131.2 billion cubic meters in 2009.

Iran produced 5.2 percent of the world's oil output. It is the fourth-largest producer after Russia, Saudi Arabia and the U.S.

The experts say that some of the engines of global growth depend on Iranian oil and warn that any sanctions on Iran's oil exports will lead to an oil price shock.

Some of the engines of global growth depend on Iranian oil: 6 percent of Chinese oil imports come from Iran. Moreover, Iranian oil makes up 30 percent of all Greek oil imports, the Financial Post reported.