The situation between Iran and Israel is very bad. The situation is such that a big war can happen between these two countries any time in the future. If this happens then the whole world will be affected. The effect of this tension can be especially visible on the prices of petrol and diesel. Let us tell you about it in detail.
Iran in oil production
According to BBC report, the list of the world’s largest oil producing countries Iran is at number 7. The biggest thing is that Iran exports almost half of its oil production. Iran has the fourth largest oil reserves in the world. Talking about gas, Iran has the second largest gas reserves in the world.
Apart from this, Iran is the third largest producing country in the Organization of Petroleum Exporting Countries (OPEC) and Iran produces about 30 lakh barrels every day. Produces oil. From this you can imagine that if tension increases between Israel and Iran, how much impact it can have on the prices of petrol and diesel.
How much money does Iran earn from oil
How much money does Iran earn from oil
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America has imposed many stringent sanctions on Iran. However, even after this, during the first quarter of 2024, Iran earned $35.8 billion from oil exports. This was at the highest level in the last 6 years. Sorry, China buys the most oil from Iran. According to the report of the US House Financial Committee, Iran sells 80 percent of its total oil exports to China alone. That means China is buying 15 lakh barrels of oil from Iran every day.
Israel targets Iran’s oil bases
On the night of October 1, towards Iran. Hundreds of missiles were fired at Israel. After this came Israel’s statement that Iran would get a befitting reply. In such a situation, speculations are being made that Israel may bomb Iran’s oil facilities. Even US President Joe Biden has said that Israel can target Iran’s oil bases. If this happens, there will be an impact on oil prices all over the world. Especially India and China will be most affected by this. Where China buys 15 lakh barrels of oil from Iran every day. At the same time, India also imports oil from Iran. In the year 2019-20, India imported oil worth $1.4 billion from Iran.
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