Iran lost $115 billion in oil exports and non-oil revenues, and the country’s crude oil sales this year will reach five billion dollars at best, according to an Iranian economic official.
Iran’s total oil and non-oil exports will reach $35 billion this year, whereas its foreign currency expenditures amount to $50 billion annually, the chairman of Iran-China Chamber of Commerce, Majidreza Hariri, was quoted by ILNA news agency.
The official warned that his country will face a currency crisis for years if exports are not doubled, expressing concern that the income does not commensurate with spending.
Hariri indicated that statistics of the past six months show that export revenues will be $30 billion until the end of the year, noting that Iranian revenues had dropped to $10 billion, compared to $40 billion in the last year.
The Iranian official did not reveal the details of Iranian oil sales in light of the US sanctions that prevent Tehran from exporting oil.
Iranian Oil Minister Bijan Zangeneh had earlier refused to disclose details of oil exports as well.
Last June, Iran VP Eshaq Jahangiri said that his country's oil revenues fell from $100 billion to $8 billion last year.
Hariri believes that Iran will get between $35 and $40 billion at best, while foreign currency expenditures are $50 billion in the event of austerity.
He recommended reducing the government’s spending policy to be able to manage matters “in any way possible” until the end of the year.
The expert believes the government will not be able to do something under the sanctions, noting that political decisions in the country are taken by the regime. He warned that if the current situation persists, things will be more difficult in the coming year.
Last Saturday, Iranian President Hassan Rouhani said that Iran’s economy is in a better state than Germany’s, which was highly ridiculed on social media.
US President Donald Trump said last month he aims to bring Iranians back to the negotiating table due to the economic sanctions that brought Tehran on the brink of bankruptcy, indicating that the country’s GDP recorded negative growth of 24 percent.
Rouhani responded by saying the negative rate did not exceed 0.06 percent.
