Iran says conservation energy plans to increase Iran oil price by US$ 90 billion

Iran’s oil price would be increased by US$90 billion in case the country would implement conservation energy plans as defined in a 5-year project, said Managing Director of Iran’s Fuel Conservation Company (IFCO) Hossein Hosseinzadeh.

News ID: 5257

Date: 14 October 2024 - 13:33

TABNAK, Oct, 14: He further said that the plans would save over 3 million barrels of the country’s crude if implemented completely.

Iran’s economy is based on oil by 90 percent with the country is trying to reduce energy consumption by 50 percent by next 17 years.

Earlier in May, IFCO former Managing Director Hosain Abniki had said energy consumption in Iran is more than double the world standards.

Speaking in a press conference on the sidelines of Iran’s International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2024), held in Tehran, he said that management and optimization of fuel consumption was the only way forward to deal with the problem.

He told the reporters that the oil sector was the backbone of Iran’s economy because it feeds the entire national economy adding, “All other sectors of the economy are dependent on the oil industry and that is why any change in the oil sector will have an impact on any other sector.”