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Iran's oil revenues hit $118b in previous fiscal year

Source: Mehr News Agency

Iran's oil revenues during the Iranian calendar year of 1390, which ended on March 19, 2012, amounted to $118 billion, according to official statistics.

An Iranian Oil Tanker

And the Islamic Republic's oil revenues during the first quarter of the current Iranian calendar year (March 20-June 20) amounted to $19.8 billion, the Fars News Agency reported, citing official statistics.

Exports of natural gas and oil products stood at $1.1 billion during the 3-month period, showing a 101 percent rise compared to the figure for the corresponding period in the previous year.

MP Gholamreza Mesbahi-Moqaddam, who is the chairman of the Iranian parliament's Economic Committee, has put the current volume of oil sales at around 1.03 million barrels per day, but says that the current target is 2.5 million barrels per day.

On October 29, Iran's OPEC governor, Mohammad-Ali Khatibi, said that the country's oil exports have remained steady in recent months. "Iran's oil exports are the same as in previous months and the situation is stable," ISNA quoted Khatibi as saying.

The West has been pressuring Iran to halt the uranium enrichment component of its nuclear program, claiming that the program could be diverted to nuclear weapons production.

But Iran is a signatory to the Nuclear Non-Proliferation Treaty (NPT) and thus has the right to enrich uranium to produce fuel.

And the International Atomic Energy Agency (IAEA) has conducted numerous inspections of Iran's nuclear facilities but has never found any evidence showing that Iran's civilian nuclear program has been diverted to nuclear weapons production.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

U.S. sanctions entered into force on June 28, while EU bans on Iranian oil imports came into force on July 1.

In October, the EU approved another major package of economic sanctions on Iran.

In June, the Central Bank of Iran announced that its net assets were valued at around 594 trillion rials (about $48.1 billion) in the first quarter of the Iranian calendar year.

The bank said that the figure had decreased by 3.4 percent compared to the same period in the previous year.

It has also put the value of foreign debt at around $22.9 billion.

... Payvand News - 11/27/12 ... --

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