In the five-year period beginning in 2006 and ending in 2010, Iran has exported an average of $68 billion per year in crude oil. (The oil revenues peaked in 2008 at $87 billion). The 2010 oil revenues were at $72 billion.
During the same five-year period, the volume of imports into Iran has averaged $59 billion annually, or 87% of oil revenues.
Meanwhile, the volume of crude exported in 2010 dropped to 2.2 million barrels per day. As a result, Iran lost its long-held position as the second largest OPEC oil exporter to Nigeria. Iran is now OPEC’s third largest exporter.
Source: OPEC / Tabnak, 19 July 2011
actually a good sign..
less dependant on oil
Assuming a more optimistic $100 Billion revenues from oil annually, this government spends to the tune of $2.3 Billion in direct handouts to poorer classes (yes the one that vote largely for this Government). That makes around $28 Billion less cash available. If the government spends $60 Billion on imports, then one does not need to be rocket scientist to work out that this government is left with 10-12 Billion for infra-structure projects. The report does not make it clear whether the imports covers consumer goods only or incorporate money for oil and gas equipment.
It is no wonder we see a drop in oil production which is indicative of lack of investment in this sector.
A rough work-out puts Iran non oil income at around 20% with oil taking 80% so in total the Iranian coffer ends up around $125 Billion in total. In any Government that functions healthy you would expect taxes. Not so in this regime. The non-government Mafia sector is bigger that the private sector and none of these bonyads pay a penny taxes.
There is abundance of private banks in Iran. It is no exaggeration that in some streets there are more banks that groceries. Financial Times reports
According to this report dated May 2011, there are now 18 private banks and 8 state-owned banks. The report states:
“The new so-called private-owned banks are merely financial institutions for the regime loyalists as each group tries to be independent of other state bodies in their expansion of economic power,” says an economist, who asked not to be named.
So we have a black economy within the country that gets foreign currencies through their affiliated bank at preferential rates, does not pay taxes and like leeches siphons away the country’s money to Dubai or Turkey.
Annon 3:03 PM,
I agree this government has bankrupted the country for the past 30 years. I am no supporter of monachies, greens or other idiots, but this government through basesless and confrontational policies has practically made the country bankrupt.
The government did not import all of that. That figure includes all imports by the nation.
Also, 87% is not a bad figure since most nations have a trade defecit!
A trade surplus isn't a good thing if you're not doing anything with that cash.
In these past 5 years, how many new projects has Iran opened? You think we'd be better off if the money was in foreign banks and spent on houses abroad for the political elite?
and this is with sanctions. imagine how bad it would be without sanctions!
I love it when some children of ex darajedars from the Shah army gather in some Chelo-kababi and discus how badly Iran is managed..and when aske who they are.. they suddenly all are children of general so and so.
Brave generals that left Iran when it was attacked...lol
And now they want to have Iran back and rule it like the shah or the saudis "for" the USA.
Bringing Iran freedom of acknoledging being screwed and the press freedom to talk about it...
get that into ur head..Iran is by far better off than the time of the 25years of Pahlavi despotism. (1953-1978)... despite of sanctions Iran is moving forward and pushing its enemies back... you dont want to see it because u wasted ur life with treason..and now want to insist it was not treason.
Actually pretty good numbers, and its only about the crude oil exports, while the natural gas exports rising continuously with developing the South Pars gas field.
There are several sides to this. First is the less dependence on Iran's supply, but along it we see the repercussions of the US's actions to the country's economy.
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