Monday 25 June 2018

Iran ministry rejects oil revenue slump reports

Tehran, January 9, 2013


Iran's oil ministry said on Wednesday only it could comment with authority on the country's oil production, rejecting reports of a 45 percent fall in oil earnings sourced to a parliamentary budget committee.
A committee spokesman was quoted by the ISNA news agency on Monday saying that Oil Minister Rostam Qasemi had told committee members that Iran's oil sales volumes had fallen by 40 percent and its earnings by 45 percent in the last nine months, reflecting the impact of sanctions.
An oil ministry spokesman rejected the account, saying only the ministry could make "valid" comments on the state of the industry, the Shana news agency reported.
"(The) Petroleum Ministry has left behind tough consequences of early days of sanctions with cooperation of oil industry's workforce and experts," spokesman Alireza Nikzad-Rahbar said.
Iranian oil exports fell to 860,000 barrels per day (bpd) in September 2012 from 2.2 million in late 2011, the International Energy Agency IEA estimates.
Both the US and European Union have stepped up efforts to starve Tehran of funds for its disputed nuclear programme.
Iranian oil industry officials usually publicly deny there has been any big impact of Western restrictions on oil sales, but some Iranian members of parliament have recognised the impact of sanctions.
The semi-official Fars news agency reported in November that Iran's state budget for the next fiscal year may assume exports of just 1 million bpd, which implies Iran expects to earn around $110 million less per day from oil sales than before sanctions tightened in early 2012. - Reuters

Tags: Iran | Sanctions | oil revenue |

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