Iran's energy sector review

Last week Iran's gas consumption rose to 480mcm/d and according to the head of Iran's National Gas Company Javad Owji, it's predicted that the country's daily gas consumption will rise to 580 to 600 mcm in the winter months. Iran has consumed 90bcm of natural gas (averaging 246mcm/d) during the first eight hot months of the current solar year which began on March 20, including a 36bcm housing gas consumption which equals 156mcm/p. According to BP's annual statistics, Iran's gas production (excluding flared and recycled gas) in 2011 was 153.3bcm (some 420 mcm/d), while the consumption volume was 151.8bcm in 2011, indicating a 1.5bcm negative balance. Iran's yearly gas consumption growth for the next 10 years is estimated at nine to 11 per cent. Iran has to compensate this negative balance with importing gas from Turkmenistan, at least several billion cubic meters more than its 10bcm yearly gas export commitment to Turkey based on a contract signed i

My article for Azernews News Paper http://www.azernews.az/oil_and_gas/47652.html Iran's Economy Minister Shamseddin Hosseini confirmed that Iran's oil export revenues have halved. In 2011 Iran exported about 2.2 million barrels per day (mbpd) of crude oil and 400,000 bpd of condensate, worth $114.7 billion, which made up 84 percent of the country's total exports. After oil and condensate, petrochemicals and petroleum products are the major export goods in Iran. For instance, the country sold $3.5 billion worth of liquid petroleum gas (LPG) last year. LPG comprises propane and butane. Last solar year, Iran exported $2.06 billion worth of propane, and $1.3 billion worth of butane, according to Iran's Customs Organization, but new figures show that Iran's total propane export during the first eight months of theIranian solar year (starts on March 20, 2012) is $900 million, and butane disappeared from Iran's first five non-oil export items list. The m

Iran's Minister of Economic Affairs and Finance Shamseddin Hosseini finally revealed that Iran's oil export revenues have halted and customs taxes incomes decreased. Hosseini said government income for the current solar year was expected to reach $117 billion (based on the official USD rate in Iran), but mostly because of halting oil exports the figure may stand at $77 billion, giving a $40 billion deficit. The price of a barrel crude oil was considered at $85 in the current year's budget law and it's predicted that Iran would export 2.2mbpd crude oil, but the IEA says Iran's oil export volume decreased by one million barrels. The oil price was averaging about $110 per barrel during current year meaning Iran should have made $88 billion crude oil and about $20 condensate exports in 2012. Hosseini's statement shows that Iran's oil export volume has dropped even further than the IEA forecast which predicted a 40 per cent drop in Iran's oil export