عربي English Türkçe اردو فارسى
Logo
Latest News
World

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)
    London, Tehran- Asharq Al-Awsat
TT
TT

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.

Most Viewed

 
 
World

Putin Gets Lavish Welcome in Mongolia Despite ICC Warrant

In this pool photograph distributed by the Russian state agency Sputnik, Russia's President Vladimir Putin and Mongolia's President Ukhnaagiin Khurelsukh walk past honor guards during an official welcoming ceremony in Ulaanbaatar on September 3, 2024. (Photo by Kristina Kormilitsyna / POOL / AFP)
In this pool photograph distributed by the Russian state agency Sputnik, Russia's President Vladimir Putin and Mongolia's President Ukhnaagiin Khurelsukh walk past honor guards during an official welcoming ceremony in Ulaanbaatar on September 3, 2024. (Photo by Kristina Kormilitsyna / POOL / AFP)
TT
TT

Putin Gets Lavish Welcome in Mongolia Despite ICC Warrant

In this pool photograph distributed by the Russian state agency Sputnik, Russia's President Vladimir Putin and Mongolia's President Ukhnaagiin Khurelsukh walk past honor guards during an official welcoming ceremony in Ulaanbaatar on September 3, 2024. (Photo by Kristina Kormilitsyna / POOL / AFP)
In this pool photograph distributed by the Russian state agency Sputnik, Russia's President Vladimir Putin and Mongolia's President Ukhnaagiin Khurelsukh walk past honor guards during an official welcoming ceremony in Ulaanbaatar on September 3, 2024. (Photo by Kristina Kormilitsyna / POOL / AFP)

Russian President Vladimir Putin received a red carpet welcome on Tuesday on a state visit to Mongolia, whose failure to arrest him under a warrant from the International Criminal Court was criticized by Ukraine as a blow against justice.
As he stepped out of his limousine in the capital Ulaanbaatar, Putin was greeted by his Mongolian counterpart Ukhnaagiin Khurelsukh in front of a row of ceremonial guardsmen on horseback wearing helmets with pointed tops, said Reuters.
The Kremlin leader stooped to kiss a young girl who stepped forward to welcome him in Russian and present him with flowers.
An International Criminal Court arrest warrant issued last year against Putin obliges the court's 124 member states, including Mongolia, to arrest the Russian president and transfer him to The Hague for trial if he sets foot on their territory.
Mongolia's failure to act on it was "a heavy blow to the International Criminal Court and the system of criminal law", Ukrainian Foreign Ministry spokesperson Heorhiy Tykhyi said.
"Mongolia has allowed an accused criminal to evade justice, thereby sharing responsibility for the war crimes," he wrote on the Telegram messaging app. Ukraine, he said, would work with its allies to ensure Mongolia felt the consequences.
The United States, which is not a member of the ICC and is keen to develop relations with Mongolia as an important source of rare-earth minerals needed in high-tech applications, was also critical of Ulaanbaatar.
"We don't believe any country should give Putin a platform to promote his war of aggression against Ukraine," State Department spokesperson Matthew Miller told a regular briefing.
"We do expect Mongolia to adhere to its commitment and support for the principles of the UN Charter, including sovereignty and territorial integrity, and convey that those principles must be upheld around the world," he said.
Miller said Washington understood Mongolia's position sandwiched between two larger neighbors, which are China and Russia, but added; "We do think it's important that they continue to support the rule of law around the world."
While the United States is not an ICC member, it supported the court's decision to issue an arrest warrant for Putin.
The ICC warrant accuses Putin of illegally deporting hundreds of children from Ukraine. The Kremlin has rejected the accusation, saying it is politically motivated.
Kremlin spokesman Dmitry Peskov said last week that Moscow had no worries about any action in connection with the warrant, as Russia had a "great dialogue" with Mongolia and all aspects of the visit had been discussed in advance.
"Relations with Mongolia are among the priorities of our foreign policy in Asia. They have been brought to a high level of comprehensive strategic partnership," Putin told Khurelsukh.
The Mongolian leader said he hoped the visit would boost bilateral trade and economic cooperation.
Mongolia is on the planned route of a major pipeline that Russia wants to construct to carry 50 billion cubic meters of natural gas a year from its Yamal region to China.
The project, Power of Siberia 2, is part of Russia's strategy to compensate for the loss of most of its gas sales in Europe since the start of the Ukraine war. It is the planned successor to an existing pipeline of the same name which already supplies Russian gas to China and is due to reach its planned capacity of 38 billion cubic meters per year in 2025.
The new venture has long been bogged down over key issues such as the pricing of the gas. However, Putin said on the eve of his visit that preparatory work, including feasibility and engineering studies, were proceeding as scheduled.