Iran's energy sector review

Seyed Shamseddin Hosseini, Irani Minister of Economic Affairs and Finance announced that Iran is planning to fight against sanctions, imposed on Iranian oil incomes by the Western countries. He said oil revenues cut could be compensated by tax. Two days before Hosseini's statement, Oil Minister Rostam Qasemi said within his recent trip to the United Arab Emirates on Oct 23 that if the West intensifies sanctions against the Islamic Republic, the country will shut down its oil exports. Iranian Supreme Leader has called several times the government on planning a "resistance economy" in sanction conditions due to Iran's nuclear program. Hosseini says that for launching resistance economy, Iranian government incomes structure should be redefined. Oil and oil production revenues make up about a half of Iranian yearly budget, which is $5.660 trillion rials (about $449 billion based on official USD rate in Iran). According to Hosseini's statement, the share of t...

Iranian Oil Minister Rostam Qasemi announced in his recent trip to the United Arab Emirates that if the West intensifies sanctions against the Islamic Republic, the country will shut down its oil exports. The minister made the announcement on October 23, however, 24 hours after the announcement, oil prices have fluctuated slightly in international markets, meaning Qasemi's remarks had nothing to do with the oil prices. Presently, the Brent crude is sold at $108.85, which is less than the price at $110 in September. Moreover, economic growth rate among industrial countries, including China, is now less than forecasts have previously claimed. China's economic growth rate was reported to be 7.4 percent for the 12-month period, ending in September 2012, which is 0.2 percent less than the figure for the 12-month period, ending in June 2012. In fact, China is grappling with a continuously declining economic growth rate. The situation is also not so good in the U.S. and the EU. For...