Iran News ...


Iran earns $40b oil income in five months

Source: Mehr News Agency

Iran's oil income in the first five months of the current Iranian calendar year, which started on March 21, reached about $40 billion.

Despite the recent swing in oil prices, the price of Iran's oil is still on average above 100 dollars a barrel, Mehr news agency reported on Sunday.

According to the data provided by the Oil Ministry, the country is now exporting more than 2.250 million barrels of oil per day and the figure may increase in the coming weeks.

It is predicted that Iran's oil revenue will reach 80 billion dollars by end of current Iranian calendar year (March 19, 2012), if the oil market stabilizes.

Previously, the IMF forecasts in its July's report that Iran's oil income will rise $25 billion in 2011 compared to 2010 and will reach $97 billion.

In its July's report, the IMF predicted that Iran's oil income will rise $25 billion more in 2011 in comparison to 2010 and will reach $97 billion.

With the reduction of Libya's oil exports the demand for Iranian and Russian oil by European refiners has increased and now Iran and Russia are competing for selling oil to Europe.

The NIOC director for international affairs had previously said Iran has no worry about a surge in oil exports by Saudi Arabia, Iraq, and certain tiny Arab states on the Persian Gulf coast as Iran's oil exports to Europe has increased since the beginning of 2011.

... Payvand News - 08/28/11 ... --

comments powered by Disqus

Home | ArchiveContact | About |  Web Sites | Bookstore | Persian Calendar | twitter | facebook | RSS Feed

© Copyright 2011 NetNative (All Rights Reserved)