Iran government's condensate, oil product revenues fall

Business Materials 15 July 2018 12:36 (UTC +04:00)

Baku, Azerbaijan, July 15


The Iranian administration earned 156.7 trillion rials in incomes through export of oil products and gas condensate during the last fiscal year, ended March 20.

The figure is 6.9 percent less compared to the 12-month period of the preceding year, according to Iran’s central bank.

Meanwhile the Iranian government’s overall oil revenues have witnessed an increase by 24.4 percent during the last fiscal year. Iranian administration earned 919.2 trillion rials (each USD made 38,000 rials at the time) of revenues through the sale of oil (including condensate) and oil products during the 12-month period.

The figure indicates that the predicted revenues in budget for the period (1,139 trillion rials) are materialized by 80.7 percent.

The government’s incomes from sale of crude oil was 689 trillion rials in the last fiscal year, 24.8 percent more year-on-year (the predicted revenues based on budget were 1,001.9 trillion rials).

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.

The country’s crude oil export stood at 2.115 million barrels per day in last fiscal year.

Iran’s crude oil and condensate exports currently stand at about 2.6 million barrels per day (mb/d), including 2.3 mb/d of crude oil and 300,000 b/d of condensate.