Iran’s annual oil revenues to approach $110 billion

25 December 2011 | 00:22 Code : 1896433 Latest Headlines

Mehr News Agency - Iran will earn up to $110 billion through selling crude oil by the end of the current Iranian calendar year which ends on March 19, 2012, Majlis Economic Committee chairman Gholamreza Mesbahi-Moqaddam told the Pana news agency.

By exporting 2.583 million barrels of oil per day, Iran remained the second largest oil exporter in the Organization of the Petroleum Exporting Countries in 2010, Iran’s OPEC governor Mohammad-Ali Khatibi announced in October.

Crude oil production in Iran in 2010 totaled 4.3 million barrels per day - up 46,000 bpd from its 2009 production of 4.2 million bpd - an increase of 1.1 percent.

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

In an article in its recent issue, the Middle East Economic Digest (MEED) said “despite the array of problems facing its energy sector, Iran successfully raised crude oil and natural gas production in 2010.”

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

According to the Financial Post “some of the engines of global growth depend on Iranian oil.”

It says 6% of Chinese oil imports come from Iran, 9% of India’s and 10% of South Korea’s. In addition, Iranian oil makes up 30% of all Greek oil imports and 7% of Japan’s.