Iran will inject some two billion dollars to revitalize its oil industry, Hamshahri reported Saturday, December 15. The funds will be used to modernize facilities in the country's southern oil fields, which produce 3.3 million barrels per day (bpd), accounting for 83 percent of the country's oil production, according to AFP.
Iran is the second largest producer in the Organization of Petroleum Exporting Countries (OPEC). Oil exports make up 80 percent of Iran's foreign currency revenues. The 2001/2002 budget was drafted based on an oil price of more than $20 a barrel. With each drop of one dollar in the price per barrel, Iran loses one billion dollars in revenue. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
