Iran government’s oil, oil product revenues up by 57%

23 December 2017 14:51 (UTC+04:00)

By Trend

The Iranian government’s oil revenues have witnessed an increase by 56.8 percent during the first seven months of the current fiscal year (started March 20, 2017), the country’s Central Bank said in a statement.

Iranian administration earned 469.3 trillion rials (Each USD makes 35,700 rials) of revenues via sell of oil (including condensate) and oil products during the 7-month period (March 20-Oct. 22), according to the CBI.

The figure indicates that the predicted revenues in budget for the 7-month period are materialized by 69.6 percent.

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

Government’s Incomes through selling crude oil was 351 trillion rials in the7-month period, 62.6 percent more year on year (the predicted revenues based on budget was 592.9 trillion rials).

The Iranian administration also earned 93.1 trillion rials of incomes through export of oil products and gas condensate (the predicted revenues based on budget was 52.7 trillion rials). The figure is 41.7 percent more compared to the 7-month period of preceding year.

Iran was exporting 2.5 mb/d of crude oil and gas condensate before the imposed sanctions 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 decreasing Iranian oil and gas condensate export to 1.2 mbpd in 2015.

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

Iran’s crude oil and condensate exports amounted for 2.6 million barrels per day (mbpd) in September 2017.

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