![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Qom, Iran (UPI) Feb 8, 2016
Iranian exports of around $50 billion worth of non-petroleum products are not enough to diversify the nation's economy, the speaker of parliament said. "There are many countries that were disturbed by plummeting oil prices, but Iran was not affected much," Speaker Ali Larijani said from the holy city of Qom. Iranian President Hassan Rouhani wrapped up a tour of European nations last week after sanctions pressures eased in response to the January implementation of a multilateral nuclear agreement. With the oil minister in tow, Iran said it was drawing renewed interest from energy companies like French supermajor Total and Italian giant Eni. Though sanctions relief means more Iranian oil on the market, the Iranian government has tried to make its economy less dependent on oil for revenue. Rouhani was on hand during the signing of a deal with Airbus for the delivery of 118 new aircraft for Iran Air. Auto company Renault, for its part, reaffirmed its commitment to the Iranian market during the president's visit to France. Larijani said the economy exports around $50 billion worth of non-petroleum products, "which is not sufficient." Crude oil prices are down about 70 percent from mid-2014, leaving the economies of major producers from Saudi Arabia to Russia feeling the pressure. Moody's Investor's Service last week said the Iranian economy is more diverse than other oil exporters in the region. Working under the pressure of Western economic sanctions meant Iran had to retool its economy and adapt to lower oil revenues before crude oil prices started their swift decline from $100 per barrel. "Most other oil-dependent sovereigns are only just beginning to consider structural fiscal reform," Atsi Sheth, an associate director with Moody's, said in a statement from Singapore. Rumors have circulated since late January that OPEC and non-member states may be considering production cuts to drive up the price of oil. Pointing to rivals in Riyadh, Larijani said Saudi Arabia's robust production policy was harmful only to themselves.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |