Iran Economy NewsIran says petrol self-sufficiency achieved

Iran says petrol self-sufficiency achieved

-

AFP: Oil Minister Masoud Mirkazemi said on Tuesday that Iran has attained self-sufficiency in producing petrol, a commodity targeted by world powers in new sanctions imposed against Tehran.

TEHRAN (AFP) — Oil Minister Masoud Mirkazemi said on Tuesday that Iran has attained self-sufficiency in producing petrol, a commodity targeted by world powers in new sanctions imposed against Tehran.

“We have attained daily domestic production of 66.5 million litres of petrol in our refineries,” Mirkazemi was quoted as saying on state television’s website.

He said Iran previously used to produce 44 million litres of petrol a day and imported 20 million litres in order to meet its domestic need.

“But we have been able to achieve this (higher) production over the past 20 days following the sanctions and mischief of some sellers who hiked petrol prices.”

Iranian officials claim the country’s daily petrol consumption amounts to around 64 million litres.

Iran recently said it had launched an emergency plan which could make it self-sufficient in petrol by the end of the current Iranian year to March 20, 2011. Prior to that Tehran said it would cover its own needs for the refined oil product by 2012.

Despite holding around 10 percent of world oil reserves and being the second-largest producer in the OPEC oil cartel after Saudi Arabia, Iran has had to import large volumes of petrol due to its lack of refining capacity and inefficiency problems.

Oil experts claim that in recent weeks Iran has been importing less of the product, which has been targeted in the latest round of sanctions by world powers.

Ahead of the June sanctions imposed by UN Security Council against Iran, several Western and European companies such as Total, Shell, and Vitol had stopped supplying petrol to the Islamic republic.

Since then Iran’s imported petrol needs have been largely met by Turkish and Chinese companies.

Latest news

Dire Living Conditions of Iranian workers on International Labor Day

On the occasion of International Workers' Day, May 1, the dire economic conditions of Iranian workers have reached a...

Only One-Fifth of Iran’s Annual Housing Needs Are Met

Beytollah Setarian, a housing expert, said in an interview that Iran needs one million housing units annually, but only...

Resignation, Job Change, and Nurse Exodus in Iran

The state-run Hame-Mihan newspaper has addressed the problems of the healthcare workforce in Iran, examining issues such as resignations,...

International Monetary Fund: Iran Needs “$121 Oil” to Avoid Budget Deficit

The International Monetary Fund (IMF) states in its latest quarterly report that the Iranian government needs the price of...

Alarming Rise in Suicide Rate Among Iranian Physicians

Mohammad Mirkhani, a social consultant of the Medical Council Organization, considered the difficult working conditions of physicians in Iran...

Iran Begins Spring with Shock in Food Prices

Figures in the most recent report by the Iranian regime’s Statistical Center on Inflation in March 2024 show that...

Must read

Iran threatens to attack rebels across Iraq border

AFP: Tehran "reserves the right" to attack the bases...

Iran’s Missile attack, Taking Revenge from the U.S. or Iranians

By Pooya Stone “We will take revenge, harsh, strong,...

You might also likeRELATED
Recommended to you

Exit mobile version