iran sees oil investments dwindling
Last Updated : GMT 16:22:18
Arab Today, arab today
Arab Today, arab today

Iran sees oil investments dwindling

Arab Today, arab today

Arab Today, arab today Iran sees oil investments dwindling

Iran's Supreme Leader Ali Khamenei
Tehran - UPI

Iranian Oil Minister Bijan Zangeneh said Monday the budget for the country's energy sector was on a steady path toward "nil."
The minister addressed lawmakers Monday to discuss budgetary strains resulting in part from a weak crude oil market. Already, the Iranian oil sector saw investments fall from $21 billion in 2012 to $17 billion in 2013.
"With this trend, investment from our own resources will be nil next year," he said.
The budget for the current Iranian year, which ends mid-March, relies on oil for 39.3 percent of government revenues. Drafts for next year call for a 6 percent decline in oil dependency.
The oil minister said lawmakers are preparing for oil priced at around $40 per barrel. When oil was around $100 per barrel, the oil ministry's share of the budget was $13 billion, but the slump could mean a 75 percent decline.
"The petroleum industry needs financial resources," he said. "How can we run the petroleum industry with this [meager] money?"
The Iranian government said that, since late 2013, oil exports have declined by about 1.5 million barrels per day, taking about $100 billion from the revenue stream. Iranian exports were curbed according to a late 2013 nuclear agreement with world powers.
Though the Iranian and U.S. governments have declined to confirm their existence, a thaw may be developing between the historic adversaries in the way of letters allegedly exchanged between President Barack Obama and Iranian Supreme Leader Ali Khamenei.
Western economic sanctions on Iran's energy sector are already impacting the health of the Iranian economy. For fiscal year 2013-14, the World Bank estimates the Iranian economy contracted at an annual rate of 1.7 percent.
Iranian President Hassan Rouhani last year described the drop in crude oil prices as a plot against his country.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iran sees oil investments dwindling iran sees oil investments dwindling

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

iran sees oil investments dwindling iran sees oil investments dwindling

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday