OPEC: Iran's petroleum revenues plunges below $54 B

Baku, Azerbaijan, June 25
By Dalga Khatinoglu - Trend:

OPEC says Iran's petroleum revenues plunged from $114 billion in 2011 to $53.652 billion in 2014. Iran's petroleum export was $61.923 billion in 2013.

The Organization of Petroleum Exporting Countries released its annual report on June 24, saying Iran's petroleum revenues still have a huge share in total exports.

The report says that Iran's total exports reached $98.981 billion, while imports stood at $55.163 billion last year. Iran's total exports almost didn't change year-on-year, but its imports were $46.5 billion in 2013 and $77.8 billion in 2011. The U.S. and EU imposed tough sanctions on Iran in mid-2012, which led to a significant decrease in Iran's oil export.

OPEC says Iran's GDP at market prices also reached $404.132 billion. The figure in 2013 and 2011 was $380 billion and $540 billion.

Iran's proven oil and gas reserves are 157.5 billion barrels and 34 trillion cubic meters respectively. Iran hasn't been able to increase its proven oil reserves since 2012.

According to OPEC's estimations, Iran's total crude oil production reached 3.117 million barrels per day (mb/d), about 12.8 percent less than 2013, while it produced 212.8 billion cubic meters (bcm) of marketed gas in 2014.

Iran increased its refinery capacity by 66,000 barrels per day to 1.781 mb/d during last year, however, its output of refined petroleum products decreased significantly year-on-year.

Iran's daily gasoline production decreased by 24.4 percent to 344,400 barrels, kerosene production decreased by 21.7 percent to 97,400 barrels while distillates and residuals output decreased by 0.5 percent and 5.8 percent to 585,600 barrels and 483,200 barrels respectively. Iran's other kind of refined petroleum products increased by 11 percent to 264 thousand barrels per day.

In total, Iran's refined petroleum products decreased by 7.5 percent to 1.774 mb/d last year, while its demand for gasoline increased by 10.9 percent to 437,600 barrels per day, for kerosene increased by 31.7 percent 137,7 b/d, for distillates decreased by 13.1 percent to 538,400 b/d and for residuals increased by 20.3 percent to 413,500 b/d.

The country's demand for other petroleum products also increased by 1.6 percent to 318,500 barrels per day in 2014.
OPEC estimated that Iran's oil export decreased from 2.537 mb/d in 2011 to 1.109 mb/d in 2014. This figure in 2013 was 1.215 mb/d.

Iran's petroleum products export also reached 470,000 b/d, 19.3 percent more than 2013, while this figure in 2011 was 441,000 b/d.

The country's petroleum imports also increased by 166.1 percent to 40,000 b/d last year.

Iran's gas export also decreased by 10 percent to 8.36 bcm, while its gas imports decreased by 17 percent to 4.42 bcm during 2014.

Edited by CN

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