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Oil as the most important strategic commodity in Southwest Asian countries has a particular political and economic weight. Prior to the instability in oil prices which began in late 2013, the macroeconomic challenges were managed by the oil states. With the collection of systematic geopolitical rivalries in Southwest Asia, the emergence of alternative oils in the United States of America and turbulence in Geo-economic areas of the Middle East, major challenges in the political economy of oil-producing countries have been created. The Islamic Republic of Iran as one of the oil centers of Southwest Asia has experienced unstable oil prices in line with a set of challenges. Given the strategic importance of oil in Iran's political and economic basket, the present study examines the role of the structure-agency in political economy of oil in Iran. The research approach is based on the Structuration theory. The results indicate that the heterogeneity of structure-agency within the framework of the increased participation of government and interrupter factors with the economic-political background, are among the major challenges in Iran’s political economy of oil. Therefore, systematic management and integration of structure-agency can handle the challenges of Iran's income from oil prices.

Keywords: Political Economy of Oil, Structuration, Structure-Agency, Iran.

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