Iran's oil export revenues decrease by over 84%

Oil&Gas Materials 26 November 2019 20:59 (UTC +04:00)
Iran's oil export revenues decrease by over 84%

BAKU, Azerbaijan, Nov. 26

By Elnur Baghishov - Trend:

Iran's revenues obtained from the export of crude oil decreased by more than 84 percent as a result of the US sanctions imposed on Iran, Iranian energy expert Mehrdad Emadi told Trend.

“Iran exported less than 288,000 barrels of oil in October,” Emadi added.

“Some 60,000 out of 288,000 barrels were exported by vehicles,” the expert said. “This type of export is difficult to control."

The Iranian expert said that the decline in oil export also had a negative impact on Iran's oil extraction.

"Presently, oil is extracted to meet the needs of Iran's refineries," Emadi said.

The US imposed sanctions on Iran in November 2018 and expanded the list of sanctions in several stages.

Iran exported 2.1 million barrels of crude oil daily before the US sanctions. During that time, Iran's crude oil production was around 3.9 million barrels a day.