Today.Az » World news » Ahmadinejad and half trillion USD oil income
06 September 2012 [18:44] - Today.Az
With the passing of 15 months from Iran's former Mine and Industry
Minister Eshagh Jahangiri's statement about Ahmadinejad administration's
$450 billion oil crude revenues until March 2011, former deputy of
Iran's oil minister Akbar Torkan updated the figure on Aug.4, saying
Iran's oil revenues during Ahmadinejad's seven-year long two terms of
the presidency (from June 2005 till now) has totalled to $531 billion.
It is now 103 years after the first crude oil production from Iran's
Masjed Soleyman oilfield, a project which became operational after seven
years of excavation starting in 1901. Mehr News Agency quoted Torkan as
saying the country's total oil incomes since 1908 have amounted at
$1116 billion, including $140 billion until the Islamic revolution
occurred in 1979 and $976 billion afterwards.
Iran's crude stats during Ahmadinejad's presidency published by OPEC
|
Iran oil revenues/ USD
|
oil output/ mbpd
|
Oil export/ mbpd
|
2005
|
46.6
|
3.845
|
2.5*
|
2006
|
57.7
|
3.924
|
2.25*
|
2007
|
66.2
|
4.030
|
2.639
|
2008
|
87
|
4.055
|
2.574
|
2009
|
56.34
|
3.557
|
2.406
|
2010
|
71.57
|
3.544
|
2.583
|
2011
|
114.7
|
3.576
|
2.537
|
|
Total: 500.1
|
|
|
* Based on official stats, not available in OPEC annual reports
Poverty and power of mass
A historic and unprecedented presidential event occurred on May 1997,
when Ahmadinejad's predecessor Mohammad Khatami attracted unpredicted
votes during presidential elections. He was elected by almost 70 per
cent of the vote, while 80 per cent of eligible voters participated, a
great voting record for presidential elections in Iran. This was the
power and support of mass for reformist Khatami.
Ahmadinejad during his election campaign in 2005 promised to "battle
against corruption and bring the oil income to people's tablecloth", a
slogan that apparently was aimed to get strong support of the masses
during the presidential election with rivals.
After winning the presidential elections, Ahmadinejad continued the
populist policy to form a stronger government relying on mass power, by
paying billions of dollars' worth of loans for jobless people, building
cheap houses for poor ones, cutting subsidies and transferring cash
money to citizens' bank accounts and opening ports for imports to keep
commodity prices low.
The outcome of this disputed policy has been an increase in the
liquidity to $296 billion, an inflation rate of 23.6 per cent and
unemployment rate to 16 per cent. According to the IMF, Iranian GDP
growth is expected to fall to 0.4 per cent in 2012, while most of
Iranian firms work at half capacity because of sanctions, irregular
imports and slump. Finally, the intention to turn the liquidity to gold
and the Forex market because of losing the value of national currency,
slump in industry and open housing market.
This is not the end of story. Amount of Iran's surplus gas for export
remained approximately unchanged, while its oil output decreased from
4.1 to 2.817 million barrels per day during Ahmadinejad's seven-year
presidency. Iran's 50 per cent of revenues relies on oil exports.
Gaining $531 billion in seven years was a great chance for Iran to
accelerate industrial progress, to make the economy stronger and develop
both upstream-downstream energy projects. However, it does not happen.
Torkan says Iran's imports have been $483 billion worth since 2005,
while 83 per cent of those were consumer goods and intermediate
products.
Dalga Khatinoglu /Trend/
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