RASHT -- Excessive domestic consumption as well as high cost of production will cause Iranian oil exports to come to a halt in the next 10 years, Behzad Omrani, a research official, said here on Wednesday.

Addressing a gathering on the optimal use of energy in this northern city, Omrani said that annual national revenues from oil exports is about $15 billion, which is a major part of the national budget.

A plunge in oil exports will endanger Iran's national security because the country relies strongly on oil revenues for its imports of basic commodities, the official further said.

Omrani also said that the country should harness some $15 to $20 billion in investment in the next 25 years so as to be able maintain its current level of oil production of 3.5 to 3.6 million barrels per day.

Some $30 million of investment in the next 25 years is also needed to meet further domestic consumption and fund exports of Iranian natural gas to and through neighboring countries as a substitute for oil, the researcher further said.

According to Omrani, the country currently consumes over 1.5 million barrels of oil per day.

(IRNA)