Iran's energy sector review

New sanctions imposed by the U.S. and the European Union will significantly damage the Iranian weakened economy, which has seen 50 percent-drop in national currency value over the past 12 months, especially during the last month, but still no changes is observed in Iran's nuclear ambitions, which is the final target of paralyzing sanctions. Iran with a population of 77.5 million people, just 3.2 percent of GDP growth, based on International Monetary Fund's stats, and $4.525 GDP per capita (i.e. 2.3 times less than neighboring Turkey with similar population or even 6, 6.7 and 7.5 times respectively less than European more critical economies such as Greece, Spain and Italy which are Iran's major oil buyers in the West), is suffering heavy consequences of his nuclear ambitions and so-called "intractable behavior" by the West countries. Iran's oil production has fallen from 4,072.6 mbpd in 2006 to 3,531 mbpd in December 2011, i.e. dropping 541,000 b

Iran's oil siege is becoming more tightened. Dozens of reports have appeared about Asian oil importers' decreasing Iran's crude imports. Saudi Arabia Oil Minister Ali Al-Naimi has announced that his country is ready to boost oil production to 11.8 million barrels per day just by turning valves to make effective its vacant 2 million barrels of surplus oil production capacity. All Persian Gulf's Arab States are keen for Iran's nuclear program to be impeded. Wen Jiabao, Premier of China - Iran's biggest oil importer, visited Saudi Arabia, the United Arab Emirates (UAE) and Qatar just a few days after a tour of U.S. Treasury Secretary Timothy F. Geithner to Beijing, Tokyo and Seoul in an effort to convince them to join "Iran's oil embargo campaign", launched by the U.S. allies, including the EU. Jiabao signed economic and trade agreements worth over $21 billion with Saudi Arabia, UAE and Qatar during his six-day visit to the Middle East.

The European Union tightened sanctions ring around Iran by imposing new round of penalties during EU foreign ministers meeting in Brussels on Monday. The EU members, who previously blocked 443 Iranian entities and 113 true personalities' assets step by step, this time agreed on Iran oil embargo, alongside freezing Iran's Central Bank assets, gold and petrochemicals trade. Europe has blocked all Iranian banks' assets including Melli, Saderat, Refah, Mellat banks, except Tejarat and Central banks. Iran has withdrawn around $75 billion in assets from Europe until 2008 to prevent them from being blocked under threatened new sanctions over Tehran's disputed nuclear ambitions. The Iranian banking sector was also hit by restrictions, forcing any transactions over 40,000 euros ($51,000) to be authorized by EU governments before they can go ahead. Then Mohsen Talaie, deputy foreign minister in charge of economic affairs, said part of Iran's assets in European