Iran’s Oil Sales to Reach $5 Bn in 2020

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, (File Photo: Reuters)
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, (File Photo: Reuters)
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Iran’s Oil Sales to Reach $5 Bn in 2020

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, (File Photo: Reuters)
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Gulf, Iran, (File Photo: Reuters)

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.



Trump Team Says Israel-Hezbollah Ceasefire Deal Brokered by Biden Is Actually Trump’s Win

Former US President Republican presidential candidate Donald Trump arrives at a campaign rally in Traverse City, Michigan on October 25, 2024. (AFP)
Former US President Republican presidential candidate Donald Trump arrives at a campaign rally in Traverse City, Michigan on October 25, 2024. (AFP)
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Trump Team Says Israel-Hezbollah Ceasefire Deal Brokered by Biden Is Actually Trump’s Win

Former US President Republican presidential candidate Donald Trump arrives at a campaign rally in Traverse City, Michigan on October 25, 2024. (AFP)
Former US President Republican presidential candidate Donald Trump arrives at a campaign rally in Traverse City, Michigan on October 25, 2024. (AFP)

The Biden administration kept President-elect Donald Trump's incoming administration closely apprised of its efforts to broker the ceasefire deal between Israel and Hezbollah that took effect early Wednesday, according to the outgoing Democratic administration.

Trump’s team, meanwhile, was quick to spike the football and claim credit for the rare spot of good news for a Democratic administration that's been dragged down by the grinding Mideast conflict.

"Everyone is coming to the table because of President Trump," Florida Rep. Mike Waltz, Trump’s choice for his national security adviser, said in a post on X on Tuesday, shortly before the Israel Cabinet signed off on the agreement. "His resounding victory sent a clear message to the rest of the world that chaos won’t be tolerated. I’m glad to see concrete steps towards de-escalation in the Middle East."

The Biden administration's reported coordination with Trump's team on its efforts to forge the ceasefire in Lebanon is perhaps the highest-profile example of cooperation in what's been a sometimes choppy transition period.

Trump's transition team just Tuesday reached a required agreement with President Joe Biden’s White House that will allow transition staff to coordinate with the existing federal workforce before Trump takes office on Jan. 20. There has been some coordination on high levels between the outgoing Biden and incoming Trump teams, including talks between Biden's national security adviser Jake Sullivan and Waltz.

Biden in Rose Garden remarks on Tuesday cheered the ceasefire agreement as a critical step that he hoped could be the catalyst for a broader peace in the Mideast, which has been shaken by nearly 14 months of war following Hamas’ attack on Israel on Oct. 7, 2023.

"This is designed to be a permanent cessation of hostilities," Biden said. "What is left of Hezbollah and other terrorist organizations will not be allowed — I emphasize, will not be allowed — to threaten the security of Israel again."

White House officials are now hopeful that a calm in Lebanon will reinvigorate a multi-country effort at finding an endgame to the devastating war in Gaza, where Hamas is still holding dozens of hostages and the conflict is more intractable.

Biden said the US, as well as Israel, will engage in talks in the coming days with officials from Egypt, Qatar and Türkiye to try to get Gaza talks back on track.

But during Biden's moment of success in a conflict that has roiled his reputation at home and abroad, the specter of the incoming Trump administration loomed large.

Trump’s senior national security team was briefed by the Biden administration as negotiations unfolded and finally came to a conclusion on Tuesday, according to a senior Biden administration official. The official, who briefed reporters on the condition of anonymity on a call organized by the White House, added that the incoming Trump administration officials were not directly involved in the talks, but that it was important that they knew "what we were negotiating and what the commitments were."

Trump's team and allies, meanwhile, said there was no doubt that the prospect of the Republican president returning to power pushed both sides to get the agreement done.

Waltz, in addition to giving Trump credit for the ceasefire deal coming together, added a warning to Iran, Hezbollah's chief financial backer.

"But let’s be clear: The Iran Regime is the root cause of the chaos & terror that has been unleashed across the region. We will not tolerate the status quo of their support for terrorism," Waltz said in his post.

Sen. Lindsey Graham, a Trump ally, also gave a shoutout to the incoming administration, while giving a nod to Biden's team.

"I appreciate the hard work of the Biden Administration, supported by President Trump, to make this ceasefire a reality," Graham said in a statement.

Richard Goldberg, a senior adviser at the Washington group Foundation for the Defense of Democracies, said the moment magnifies that Iran — which he said would have needed to approve of Hezbollah agreeing to the ceasefire — is carefully weighing what lays ahead with Trump.

"There’s zero doubt that Iran is pulling back to regroup ahead of Trump coming into office," said Goldberg, a National Security Council official in Trump's first administration. "It’s a combination of Israeli military success and Trump’s election — the ayatollah has no clothes and he knows we know."