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Iran capable of global oil supply for 150 more years: MP

A senior lawmaker says oil-rich Iran can keep pumping crude oil to global markets for 150 years to come.

“Iran is the only state with exceptional conditions due to its [oil] reserves and production. Assume that our production capacity is four million [barrels per day] while our proven reserves exceed five billion barrels. [Hence] we can claim that we are the only country capable of supplying oil to the world for 150 years to come,” Massoud Mirkazemi, chairman of Iran Majlis (parliament) Energy Committee, said on Tuesday.

“Saudi Arabia’s proven oil reserves are more than Iran’s, with the difference that the Saudi government is producing over 10-11 million barrels. Russia’s [crude oil] reserves and production are also high. Therefore, these countries cannot live long in oil supply,” he said.

“Under current conditions, we must take the energy security into account. We believe that the United States is trying through its existing policy to strengthen its management on the world energy security,” said Mirkazemi added.

“We predict that some oil consumer countries like Japan, [South] Korea and China would face US threats in the energy sector. However, if the US [manages to] dominate the world’s energy resources, it would easily put pressure on the European economy and threaten the economies of China, Korea, Japan and Russia,” he noted.

Mirkazemi also stated that world oil production will reach its peak in 2020, while demand for black gold will keep rising.

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