Iran's energy sector review

Iran's Oil Minister Bijan Namdar Zanganeh said Iran will become self-sufficient from gas imports after the Iranian 1394 solar year which will start on March 20, 2015. According to Shana News Agency, Zanganeh said on October 30 that gas shares 70 per cent of Iran's energy consumption basket. Iran has 33.6 trillion cubic meters of gas reserves. According to the U.S. Energy Information Administration report, Iran's natural dried gas output was about 153 billion cubic meters (bcm) which is as much as the domestic consumption figures. According to this report released in March 2013, overall, Iran's natural gas consumption is expected to grow around seven per cent annually for the next decade. Natural gas accounted for about 59 per cent of Iran's total domestic energy consumption in 2010 with oil consumption at 39 per cent of total energy use, according to EIA. Iran's gas import from Turkmenistan has decreased from above 10 bcm in 2010 to 4.5 bcm last...

In tandem with Speaker Ali Larijani's visit to China, Iran's Vice President Mohammad Bagher Nobakht said the country's $22bn worth of assets has been blocked in China. China is Iran's biggest oil costumer, second goods supplier and first non-oil commodities importer in the world. According to China Customs, this country which recently overtook the U.S. as the world's biggest oil importer, imported 16.01 million tons of Iranian oil during first nine months of the current year. The amount equals 428,160 barrels per day. Therefore, China imported more than $12.3 billion dollars' worth of Iranian oil during the first three quarters of 2013. Beijing makes Iranian oil payments through its national currency the yuan and deposits it in an internal bank account which is accessible only for purchasing permitted commodities inside China and exporting them to Iran. Iranian oil customers have not been permitted to allow Iran to exclude oil export revenues abroad s...

Iran's crude oil exports have decreased from 2.2 million barrels per day (mbpd) in 2011 to less than 1 mbpd currently. According to the statistics of the Iran's Customs Administration, the country's condensates exports have plunged significantly as well. Iran's Oil Minister Bijan Namdar Zanganeh said on October 27 that the country's crude oil incomes would reach $54.5 billion annually if the US-led sanctions over Iran's oil export are eliminated. While the oil price stands at about $107 per barrel, the targeted oil export income figure equals to the value of selling 1.4 mbpd. Later in September, member of Iranian Parliament Planning and Budget Commission Hossein Ali Haji Deligani said that Iran's oil and condensate revenues were around $23 billions during the first six months of the current solar year (started on March 21). He went on to note that, the country's crude oil and condensates exports currently stand at 1.209 mbpd, citing on a report submitted...