Iran and Saudi Arabia are two oil-rich countries in the Middle East region, whose oil revenues play an important role in their economy. In this article, we compare the oil income of Iran and Saudi Arabia.
The amount of oil production
Saudi Arabia is the largest oil producer in the world with daily production of more than 10 million barrels of crude oil. Iran is also the fifth oil producer in the world with daily production of more than 2 million barrels of crude oil.
The amount of oil exports
Saudi Arabia is the largest oil exporter in the world with daily exports of more than 7 million barrels of crude oil. Iran is also the sixth oil exporter in the world with daily export of more than 1 million barrels of crude oil.
Oil prices
Oil price is one of the important factors in determining oil revenue. In recent years, oil prices have fluctuated a lot. In 2023, oil prices average around $100 per barrel.
oil revenue
The oil income of Iran and Saudi Arabia is directly related to the amount of production, export and price of oil. In 2023, Iran’s oil income will be about 20 billion dollars. This figure was equal to 6.5% of OPEC’s total oil income in this period. Saudi Arabia had the highest oil income during this period with 101 billion dollars.
Factors affecting oil revenue
Various factors affect the oil income of Iran and Saudi Arabia. Some of these factors are:
Changes in the amount of oil production
Changes in the amount of oil exports
Changes in oil prices
Government policies
Conclusion
Iran and Saudi Arabia are two oil-rich countries in the Middle East region, whose oil revenues play an important role in their economy. In 2023, Iran’s oil income will be about 20 billion dollars. This figure was equal to 6.5% of OPEC’s total oil income in this period. Saudi Arabia had the highest oil income during this period with 101 billion dollars.
Considering the factors affecting oil income, it is difficult to predict the amount of oil income in the future. However, it can be said that the oil income of Iran and Saudi Arabia in the future will also depend on factors such as the amount of production, export and oil price.