Azernews.Az

By Sara Rajabova

Iran holds $30 trillion worth of hydrocarbon resources, including oil, gas and condensates, if to count each oil barrel at $100, Iranian Deputy Oil Minister Mohammad Reza Moghaddam said, IRNA news agency reported.

Moghaddam said since the beginning of oil production in the country, about $8 trillion worth of hydrocarbon resources have been produced so far, with $30 trillion worth still remaining.

He noted the country should be protecting its oil and gas resources, and should also decrease its dependence on oil and gas revenues.

BP statistics said Iran holds world's largest gas reserves, while being fourth in terms of proven oil reserves.

Moghaddam also said Iran should be able to do its own oil refining, and producing oil goods, to avoid costly imports.

Iran's oil minister Bijan Namdar Zanganeh said in September of 2013 that the country imports gasoline at about 5-7 million liters per day.

Speaking about economic sanctions on Iran, Moghaddam said that the country has enough power and potential to deal with the sanctions.

He said other Persian Gulf states wouldn't be able to tolerate such sanctions, unlike Iran, adding this indicates Iran's economic and political power.

On January 20, the EU has agreed to suspend some economic sanctions against Iran as part of a ground-breaking nuclear deal under which Tehran has scaled back its nuclear work.

The same day, Reuters reported citing the U.S. Treasury Department that the country eased some sanctions on Iran, pausing efforts to reduce Iranian crude oil exports, as part of a nuclear deal, reached by Iran and the P5+1 in November 2013.

Meanwhile, with easing sanctions against Iran, Iran's oil exports have picked up modestly in January for the third consecutive month.

Reuters reported that the increase in shipments is around 50,000 barrels per day (bpd), which would take Iranian exports to around 1.2 million bpd for January and add about $150 million (£90.5 million) a month to Tehran's depleted oil revenues.

The International Energy Agency said in its monthly report on January 21 Iranian exports rose in December by 50,000 bpd to 1.15 million bpd, and could increase further.

The sanctions imposed in 2012 on Iran have led to a drop in Tehran's production - output is down 1 million bpd since the start of 2012 to around 2.75 million bpd - and lost it billions in oil revenue.