IRAN'S POSITION AS AN OIL POWER

JÁN DANČO

https://doi.org/10.53465/EDAMBA.2021.9788022549301.73-81

 

Abstract: Oil extraction and export is the most crucial sector of the Islamic Republic of Iran's economy. Iran is one of the countries with the largest oil reserves, and revenues from its sale are the most important source of funding. However, this sector is sensitive to external factors and reacts sharply to developments in foreign markets. The change in the value orientation of Iran's foreign policy after the evolution in 1979 has resulted in a period of instability that has had a significant impact on Iran's oil industry. In this paper, we will try to describe the most significant factors that affect the oil industry in Iran. This paper considers mainly external determinants such as sanctions and its effectiveness, oil price volatility and political and economic relations between Iran and international community. At the end of this paper author examines the perspectives in the Iranian economy in the following decades. The work also deals with the main economic issues that the administration of the newly elected president Ebrahim Raisi will face.

Keywords: oil industry, islamic republic of iran, sanctions, oil exports

JEL classification: F51, N45, N55

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Online publication date: 12 May 2022

 

To cite this article (APA style): 

Dančo, J. (2022). Iran's Position as an Oil Power. Proceedings from the EDAMBA 2021 conference, 73 – 81. https://doi.org/10.53465/EDAMBA.2021.9788022549301.73-81