page_title: Petroleum industry in Iran
section_title: The era of nationalized oil, 1979–present
hierarchical_section_title: Petroleum industry in Iran / History / The era of nationalized oil, 1979–present
caption_attribution_description: English: Shazand Petrochemical Arak Petrochemical
context_page_description: Iran is an energy superpower and the Petroleum industry in Iran plays an important part in it. In 2004 Iran produced 5.1 percent of the world's total crude oil, which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency. At 2006 levels of production, oil proceeds represented about 18.7 percent of gross domestic product. However, the importance of the hydrocarbon sector to Iran's economy has been far greater. The oil and gas industry has been the engine of economic growth, directly affecting public development projects, the government's annual budget, and most foreign exchange sources.
  In FY 2009, the sector accounted for 60 percent of total government revenues and 80 percent of the total annual value of both exports and foreign currency earnings. Oil and gas revenues are affected by the value of crude oil on the international market. It has been estimated that at the Organization of the Petroleum Exporting Countries quota level, a one-dollar change in the price of crude oil on the international market would alter Iran's oil revenues by US$1 billion.
caption: Arak Petrochemical complex.
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