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Iran’s Oil Exports More Than Halved

Iran’s Oil Exports More Than Halved

Monday, 14 September, 2020 - 05:15
FILE PHOTO: A gas flare on an oil production platform in the Soroush oil fields, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo

Iran’s oil revenue slumped by more than half in the last Iranian calendar year that ended in March, relative to government forecasts for the previous year.

Sales from Iran’s main currency earner reached “slightly more than $20 billion” in the 12 months to March 2020, President Hassan Rouhani said in remarks shown on state TV.

Iran’s government budget had forecast $53 billion of revenues from oil for the 12 months ending March 2019, according to a report by the state-run IRNA published in Dec. 2017.

Iran ceased providing official data on oil production and exports in 2018, after the US renewed sanctions on the country and said it wanted to drive its oil exports down to “zero.”

According to data compiled by Bloomberg, China remains the key destination for Iranian oil with observed crude and condensate flows totaling 133,000 barrels a day in August.

Rouhani said on Sunday that Iran’s income from oil in 2011 came to $120 billion.

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