Iran government oil, oil products revenues up by 50%

Business Materials 11 February 2018 15:49 (UTC +04:00)

Baku, Azerbaijan, Feb. 11‎

By Gazenfer Hamidov – Trend:

The Iranian government’s oil revenues have witnessed an increase by 51.6 percent during the first nine months of the current fiscal year (started March 20, 2017), the country’s Central Bank said in a statement.

Iranian administration earned 639.6 trillion rials (each USD makes 37,700 rials) of revenues via sale of oil (including condensate) and oil products during the 9-month period (March 20-Dec. 21), according to the CBI.

The figure indicates that the predicted revenues in budget for the 9-month period (861.3 trillion rials) are materialized by 74.3 percent.

The Iranian budget foresees 1,139 trillion rials of oil revenues for government for the current fiscal year (to end on March 2018).

The government’s incomes from sale of crude oil was 486.2 trillion rials in the 9-month period, 56.4 percent more year-on-year (the predicted revenues based on budget were 757.6 trillion rials).

The Iranian administration also earned 117 trillion rials in incomes through export of oil products and gas condensate (the predicted revenues based on budget was 67.3 trillion rials). The figure is 30.7 percent more compared to the 9-month period of preceding year.

Iran was exporting 2.5 mb/d of crude oil and gas condensate before sanctions were imposed in 2012, of which 18 percent was supplied to the EU.

After 2012, the EU cut Iran oil purchase and Asian countries had to decrease Iranian oil import gradually, which led to a decrease in Iranian oil and gas condensate export to 1.2 mb/d in 2015.

After elimination of sanctions in 2016, based on nuclear agreement, Iran resumed its oil exports.

Iran’s crude oil and condensate exports currently stand at about 2.6 million barrels per day (mb/d).