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Competition, Technology Help Drive Oil Industry Development

Officials at global oil giants focus on reducing costs by taking advantage of modern know-how, instead of expecting high oil prices, to gain more revenues
Iran’s Global Competitiveness Index has moved up by seven notches.Iran’s Global Competitiveness Index has moved up by seven notches.

Oil Minister Bijan Namdar Zanganeh underlined on Saturday the importance of competitiveness and research in the oil industry’s development.
“With competition and research, products should be manufactured at lower price and higher quality,” he was also quoted as saying by Shana, the Oil Ministry’s news agency.
Referring to some brands, such as Nokia, that have lagged behind in the global market’s rivalry, Zanganeh noted that “serious and ruthless” competition is the development’s engine.
The latest report by World Economic Forum titled “The Global Competitiveness Report 2017–18” shows Iran’s Global Competitiveness Index has moved up by seven notches.
As a result, the country now ranks 69th out of the 137 countries surveyed. Iran’s rankings in 2014, 2015 and 2016 were 83rd, 74th and 76th respectively.
 

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