Crude Oil Revenues in Iran Have Reached $29 Billion, Exceeding the Numbers in the Previous Year

oil rig
Image Source: tsuda, CC BY-SA 2.0

Iran saw $29 billion in crude oil revenues in the first nine months of the fiscal year starting from March to December 2016, exceeding the oil export revenues in the previous fiscal year. Tehran, alone, reportedly earned around $25 billion of the said revenue.

In a report, the country’s Deputy Oil Minister for International and Commercial Affairs, Amirhossein Zamaninia, said:

“Following the implementation of the nuclear deal between Iran and the six world powers in January 2016, earnings from crude oil export reached $29 billion through the first nine months of the (fiscal) year.”

He added that, on average, Tehran exported 2.57 million barrels of crude oil per day from March to December, with sales during the latter reaching 2.83 million barrels per day.

Iran, Germany and the five permanent members of the United Nations Security Council (UNSC) signed an agreement in Vienna, Austria in July 2015 to lift trade and financial restrictions against Tehran, given that the city will curb its nuclear activities. This has allowed the country to make a quick comeback in the global oil market by producing and exporting crude oil in greater volumes.

Commenting on this development, Zamaninia stated, “Crude oil and gas condensate exports have more than doubled compared to pre-sanctions levels. The financial and economic openings after the lifting of sanctions allowed us to use our entire potential in (oil) production and export.”

He added that his country was able to recover billions of dollars in blocked oil revenues over the past year.