Iranian companies control more than 90 % of world oil

Dec 13, 2004 01:00 AM

A senior oil industry official said national Iranian petroleum companies control more than 90 % of the world's hydrocarbon reserves and 75 % of production, stressing that 33 out of 50 major international oil firms are state-controlled.
Seyyed Mehdi Mirmoezi, managing director of National Iranian Oil Company (NIOC), also said in the first Seminar on NIOC's Quality Control Systems that oil producing countries started commercialising their national oil firms in mid-1980s to boost productivity.

"Commercialisation is a process, where state-controlled administrative procedures give way to commercial and economic transactions," he said, adding, however, that the National Iranian Oil Company cannot get commercialised given its complete control over the domestic oil and gas market. He further noted that the NIOC should employ modern quality control systems to satisfy its customers worldwide.
"Not only must we work to satisfy our customers, we should also encourage other governments to invest in our energy projects," he said.

Iran, Saudi Arabia, the United States and Russia are expected to remain the largest suppliers of crude oil in the world by 2025, when the global demand for petroleum will increase from the current 81 mm to 114 mm bpd.
Iran currently produces over 4 mm bpd of crude oil.

Source: IranMania
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