18 Apr 2024
Tuesday 26 May 2020 - 14:30
Story Code : 376483

Iran will not need oil income in 5-10 years: Acting OPEC governor

Press TV - Iranian caretaker OPEC governor Amir Hossein Zamaninia says US sanctions on Irans oil industry have created an opportunity for the country to distance itself from routine crude incomes.

The Iranian Deputy Oil Minister, who took over his acting role after former Iranian OPEC governor Hossein Kazempour died earlier this month, said Iran would be totally free of reliance on oil revenues in the next five to 10 years.

At the end of the day, it seems that in 5-10 years, Iran will find itself in a state where it will not much need its oil income, said Zamaninia in an interview with energy website Platts.

The Iranian diplomat admitted that illegal US sanctions have made it difficult for Iran to find customers for its oil shipments. However, he said the bans have forced Iran to adjust itself to a new economic situation.

[The sanctions], however, have had a silver lining for the Iranian economy that is facing many challenges. It is gradually causing a structural adjustment to less lean on oil income, said Zamaninia.

The comments come against the backdrop of other reports and analyses suggesting that Iran is trying to diversify its economy away from oil by introducing measures that could strengthen sectors like agriculture and manufacturing.

Exports of non-oil goods and services from Iran have soared over the past two years while the country has significantly increased its capacity for processing and exports of various petrochemical products.

On choosing a new Iranian governor for Organization of Petroleum Exporting Countries, Zamaninia said Iran has seven, eight candidates, both inside and outside of the oil industry. He said the next governor could be someone from Irans Foreign Ministry.
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