Iran’s oil export revenues increases 9 times
Baku, Azerbaijan, July 28
By Emil Ilgar – Trend:
Iran’s oil export revenues reached 32.t trillion rials (or $989 million) during the first month of current fiscal year, started on March 21, Central Bank of Iran said in a message.
According to the report, the value indicates an 881-percent growth year-on-year.
The details of statistics indicate that the crude oil export revenues increased by 515 percent, standing at $424 million. Iran’s revenues from gas condensate and oil products sale was zero during the first month of the last fiscal year, but stood at $537 million in the same period of the current fiscal year.
The sanctions on Iran removed in mid-January 2016 paved the way to increase the country’s oil export gradually, especially in the second half of 2016.
Before sanctions, Iran’s crude oil and gas condensate export volume in 2011 was 2.2 mb/d and 300,000 b/d. After imposing western sanctions, the volume dropped to around 1.2 mb/d (both crude oil and gas condensate).
It is not mentioned in the report that whether the Central Bank has calculated the oil revenues based on sale date or payment time, because Iran’s oil clients carry out payments 60-90 days after sale date.
However, the statistics of Iran's Customs Administration indicate that Iran had sold 1.349 million tons of gas condensate worth $545 million during the first month of the last fiscal year. The monthly reports of the Customs Administration indicate that Iran has never halted monthly gas condensate export during the last years.
Then, it seems the CBI calculated the value based on payments.
On the other hand, the oil price plunged to about $30 in March 2016, while the figure was about $50 in March 2017.