Siddiqi, Moin A.
August 2004
Middle East;Aug/Sep2004, Issue 348, p52
Iran's strategic importance to global energy markets cannot be underestimated. With over 9% of the globe's oil reserves and 15%-17% of worldwide reserves of natural gas, the hydrocarbons resources of the Gulf's most populous state are tremendous. The Petroleum Industry constitutes the bedrock of Iran's $100bn-plus economy. It provides on average 80%-85% of total export earnings, one-half of the state budget and one-quarter of, gross domestic product. Economic growth this year is anticipated at 6.2% thanks to higher hydrocarbons production and robust domestic demand — underpinned by rising private and government consumption.


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