Iran sees oil revenues hit $80b

March 6, 2011 - 0:0

TEHRAN –- Iran forecasts to earn $80 billion in annual oil revenues by the end of the current calendar year (March 20).

As a result of the uprisings in the Middle East and North African countries in the past month, global oil prices, including the price of Iran’s oil, has been on the rise. Currently the price of the oil produced by OPEC’s second-largest producer has increased from $80 a barrel to $115.
Iran is the world's third-largest oil producer. In 2009, Iran's crude production stood at 3.8 million bpd.
The Persian Gulf country also sits on the world's second-largest gas deposits. Iran holds the rotating presidency of OPEC.
Oil Minister Masoud Mirkazemi said on February 6 that there is no need for OPEC members to hold an emergency meeting, even if prices rise as high as $120 a barrel.
The Organization of Petroleum Exporting Countries plans to hold its next regular meeting in June. Iran currently holds the OPEC presidency