Introduction

Iran is one of the biggest players in the world energy market with a wealth of over 11.1 percent of global oil reserves or 132 billion barrels of proven oil and 970.8 trillion cubic meters of gas resources.

Although Iran is an oil power, this product accounts for about 80 percent of the country’s total exports and 42.5 percent of the government’s revenues. Therefore, overreliance on oil revenues has turned the Iranian economy heavily dependent on petrodollars. Meanwhile, since Iran’s oil industries have not been renovated in the past years, petrochemical industries have not been properly developed and domestic energy consumption has been constantly on the rise, the country’s oil production has been falling and it has had to import oil products. Continuar lendo →