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The energy crisis has significantly limited economic growth in South Africa thereby preventing the country from resolving high rates of unemployment. [ 27 ] [ 125 ] The power shortage is estimated to have reduced economic growth in 2021 by 3% thereby costing the country an estimated 350,000 potential new jobs for that year alone. [ 27 ]
South Africa and Iran share good trade relations, with South African exports increasing by 7 percent from $1.4 billion in 2006 to $1.5 billion in 2007, and imports from Iran, mostly crude oil, increasing by 13.5 percent from $18.3 billion in 2006 to $20.8 billion in 2007. [2]
The crisis follows a summer of blackouts and is now compounded by severe cold, snow and air pollution. Despite Iran’s vast natural gas and oil reserves, years of underinvestment and sanctions have left the energy sector ill-prepared for seasonal surges, leading to rolling blackouts and gas shortages.
Energy in Iran is characterized by vast reserves of fossil fuels, positioning the country as a global energy powerhouse. Iran holds the world's third-largest proved oil reserves and the second-largest natural gas reserves as of 2021, accounting for 24% of the Middle East 's oil reserves and 12% of the global total.
In October 2021, Iranian oil minister Javad Owji said if U.S.-led sanctions on Iran's oil and gas industry are lifted, Iran will have every capability to tackle the 2021 global energy crisis. [152] With economic sanctions in place against Iran, energy analysts expect a tight petroleum market well into 2023.
Iran is a mixed economy with a large public sector.Some 60% of Iran's economy is centrally planned. [25] [needs update] Iran's economy is characterized by its hydrocarbon, agricultural, and service sectors, in addition to manufacturing and financial services, [26] with over 40 industries directly involved in the Tehran Stock Exchange.
Text taken from How the energy crisis is exacerbating the food crisis , International Energy Agency. This article incorporates text from a free content work. Licensed under CC BY 4.0 (license statement/permission). Text taken from A 10-point plan to reduce the European Union's reliance on Russian natural gas , International Energy Agency.
The annual World Energy Outlook (WEO) is the International Energy Agency's (IEA) flagship publication on global energy projections and analysis. [55] It contains medium to long-term energy market projections, extensive statistics , analysis and advice for both governments and the energy business regarding energy security, environmental ...