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Iran oil products' exports plunge by 51%

Source: PressTV

The value of Iran's oil products exports has plunged by 51 percentage points in the first half of the current Iranian year due to the global economic downturn.

Seyyed Hamid Hosseini, head of Iranian Oil Products Exporters Union, says Iran earned $1.586 billion through the exports of oil products in the first five months of the current Iranian year (started March 21), compared with $3.261 billion earned in the same period last year.

"The current global economic crisis and the plunge in prices of oil products in the global markets led to the decrease of our income in this sector," ILNA quoted Hosseini as saying.

The global economic crisis has plunged demand for energy, dragging crude prices from record highs above $147 a barrel in July 2008 to $32.40 in December.

Oil prices held steady around $71 a barrel on Wednesday.

Hubbert peak oil

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