Iran sees increase in oil revenues

Oil&Gas Materials 30 May 2022 10:40 (UTC +04:00)
Iran sees increase in oil revenues
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, May 30. Iran's oil revenues increased by 60 percent, during the first two months of the current Iranian year (March 21 through May 21, 2022), compared to the same period last Iranian year, Director General of the Public Relations Department of the Iranian Oil Ministry Ali Forouzandeh said, Trend reports citing Shana News Agency.

The director general did not provide additional information on the value or volume of the country’s oil exports.

Forouzandeh added that the revenues were obtained from the export of crude oil, gas, gas condensate, and various petroleum and petrochemical products.

“For example, in two months, $2.45 billion of foreign currency earnings from petrochemical exports were sold to the country's banks under the NIMA exchange rate (the exchange rate created for exporters to sell a portion of their export earnings to banks), while in the same period last Iranian year, the figure stood at $1.5 billion,” he said.

The official also pointed out that under the country’s budget law, revenues were paid to the relevant organizations for use in various areas of the country.

In January 2016, the Joint Comprehensive Plan of Action (JCPOA) was launched between Iran and the P5+1 group (US, Russia, China, UK, France, and Germany) in connection with Iran's nuclear program. The deal was in force as of the beginning of 2017.

As a result of the deal, Iran's crude oil exports amounted to 2.3 million barrels per day. Meanwhile, in May 2018, the US announced its withdrawal from the deal and imposed sanctions on Iran in November of the same year. As a result of the sanctions, Iran's crude oil exports fell to about 400,000 barrels per day.

Over the past period, the sanctions affected Iranian oil exports, more than 700 banks, companies, and individuals. The sanctions have resulted in the freezing of Iranian assets abroad.

Reportedly, Iran's crude oil exports have recently exceeded 1 million barrels per day.


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