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Ruhollah Beigi: Iran Needs to Find More Buyers for Crude Oil

Iran Crude Oil

Ruhollah Beigi, a Member of Parliament’s economy committee, says Iran needs to find more buyers and prospects for its petrochemical products, especially crude oil. Iran’s exports of crude oil to other countries have decreased by over 50% as a result of international embargoes on Islamic Republic’s economy over the blatant nuclear case.

“The revenues made by exporting crude oil are always important for the economy of Iran. In short-time, the country’s economy can move forward without taking advantage of exporting crude oil, but in long-term Iranian economy will face with numerous problems and troubles.” Ruhollah Beigi told reporters on Sunday.

“Unfortunately top customers of Iran’s oil have stopped buying crude oil because of international sanctions. According to statistics provided by the Ministry of Economy and Trade, Iranian government has lost major parts of its revenues.” Ruhollah Beigi added.

Iranian MP believes that the country is in need of oil revenues. “Currently, the Iranian government has a large number of uncompleted projects and plans. Oil revenues play an important role in finishing these projects.”

Over the past two years, European Union and U.S. government have imposed several rounds of sanctions on Iran. The embargoes, which are condemned by Islamic Republic, ban other countries from buying crude oil and petrochemical products from Iran.

Accordingly, China and India, top buyers of Iran’s crude oil, have diminished imports of petrochemical products from Iran dramatically.

“The next Iranian government should negotiate with world powers to lift the sanctions. Or the country should look for other revenue streams.” MP Ruhollah Beigi concluded. At the same time, a large number of factories and companies were forced to close down due to high inflation rate.

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