Iran Suna geothermal energy producer
December 10, 2014 (Persian calendar 1393/9/19) Tehran city ( ) Azad University - North Tehran Branch . December 14, 2014 (Persian calendar 1393/9/23) Suna co. ...
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Iran Suna geothermal energy producer - Video
Irans oil exports have fallen 60 percent to 1 million barrels a day, the Tehran-based Shargh newspaper reported, citing comments by Oil Minister Bijan Namdar Zanganeh.
Iran, constrained by international sanctions on its energy and financial industries, wont give in over 1 million barrels a day, the paper reported Zanganeh as saying yesterday at a conference in Tehran. The minister didnt elaborate, nor did he specify dates for the 60 percent cut in the nations exports, according to Shargh.
U.S. and European sanctions on Iran over its nuclear program have curbed foreign investment and hindered development of the Persian Gulf states oil and natural gas reserves. Iran produced 2.77 million barrels a day of oil in December, down from an average of 3.58 million in 2011, data compiled by Bloomberg show. Oil exports are its main source of income.
Brent crude, a pricing benchmark for more than half of the worlds oil, tumbled 48 percent last year, the most since the 2008 financial crisis. Saudi Arabia, the biggest member in the Organization of Petroleum Exporting Countries, has rebuffed calls from Iran and others in the group to cut output amid a struggle with U.S. shale producers for market share.
Brent fell 3.3 percent to $54.56 a barrel at 1:08 p.m. on the London-based ICE Futures Europe exchange.
Predicting oil prices is impossible because political motives and interventions are behind the recent market collapse, Zanganeh said, without explanation, according to Shargh. He previously described the drop in crude prices as a political plot and said Iran would under no conditions let go of its share of the oil market, the ministrys news website Shana reported on Dec. 17.
The drop in crude prices compounds the pressure Iran faces from economic sanctions. Efforts to reach a deal with the U.S. and other world powers over its nuclear work have gained Iran some relief from the restrictions, though diplomatic negotiations have been extended until July amid differences.
To contact the reporters on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net; Bruce Stanley in Dubai at bstanley5@bloomberg.net
To contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net Bruce Stanley, Claudia Carpenter
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Iran Wont Give In After 60% Decline in Oil Exports
TEHRAN, Jan. 5 (UPI) -- An Iranian government spokesman said he expected the share of oil revenue designated in next year's budget to be down by about 30 percent.
The low price of crude oil is pushing economies like Russia's, which relies heavily on export revenue, toward the brink of recession. Iran historically has been a hawk in the global oil sector, advocating for a price per barrel of around $100.
Government spokesman Mohammad Bagher Noubakht said the share of oil revenues in the budget proposed for next year is down by about a third.
"Now the government has to try hard to pull two big stones -- inflation and recession -- out of the bottom of the well," he said Sunday.
Iran is restricted to exports of around 1 million barrels of oil per day under the terms of a multilateral agreement reached in November 2013. Last week, the government said non-oil exports from the beginning of the Iranian year, which starts in March, increased to $35 billion, or about 20 percent year-on-year.
Iran emerged from recession last month, which the government spokesman said came as a result of heavy government investments in national development projects. The economy, he said, is boasting two straight months of growth.
Iranian officials have said they envision a budget for the next calendar year based on oil priced at about $70 per barrel, about 20 percent higher than the current market price.
Mohammad Nahavandian, Iranian President Hassan Rouhani's chief of staff, said the share of oil in Iran's gross national product "is not so high."
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Iran breaking economic ties with oil
Iranian President Hassan Rouhani signaled that he could hold a national referendum that would bypass conservatives who control Parliament on key issues, possibly including the ongoing nuclear negotiations with the West.
CBS News State Department Correspondent Margaret Brennan told CBSN that in a speech Sunday, Rouhani said a referendum is allowed in the Iranian constitution and he would like to see the public take up such a vote.
"It will be good to, after 36 years, even for once, or even every 10 years if we implement this principle of the Constitution, and put important economic, social and cultural issues to a direct referendum instead of to the Parliament," Rouhani said Sunday, according to the New York Times.
Speaking to an economic conference in Tehran, Rouhani both countered hard-line critics worried Iran will give up too much while also attempting to signal his administration remains open to negotiation with the six-nation group leading the talks.
Brennan said that a referendum "could potentially bypass some of the clerics and conservatives who have a stranglehold on Iran's institutions and who have been opposed to this deal so it could empower some of the moderates who want to accept it."
Brennan added that ultimately Iran's Supreme Leader Ayatollah Ali Khamenei would decide on whether to accept such a deal, but a public vote could it make it harder for him to just outright reject one. Of course, Khamenei would presumably have to approve of a referendum in the first place.
Brennan says that Rouhani has been in "an uncomfortable position from the get go."
"He's been empowered to negotiate with the West but he's been walking a very careful line and it's not clear what powers he actually has beyond helping to negotiate this nuclear deal," Brennan said. "So he's already been very careful in his political choices and it could be a costly one to push for a referendum."
On Jan. 15, Iranian negotiators will meet in Geneva with officials from the U.S., Russia, China, Britain, France and Germany, hoping to hammer details out of a final deal. Iran reached an interim, one-year deal with world powers in November 2013 to freeze its nuclear program in exchange for the easing of some sanctions. Negotiators later agreed to extend talks until June 30, with hopes of reaching a rough deal in March.
The West fears Iran's nuclear program could allow it to build nuclear weapons. Iran says its nuclear program is only for peaceful purposes, like power generation and medical research.
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Iran's president signals a national referendum is possible
Iran - Regimes mullah tells how a wife has to dress up sexy for her house-band
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