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Iran's oil income hits $53.6b in 2014: OPEC

Source: Tehran Times

Iran's oil income amounted to $53.6 billion in 2014, the Organization of Petroleum Exporting Countries (OPEC) reported, ranking Iran 9th among 12 member states. The country's oil income dropped by $8.3 billion in 2014 compared with the year before.

The 12-member organization's total revenues hit $964 billion in 2014, a $140 billion decrease year on year, according to the report.

Saudi Arabia, the United Arab Emirates, and Kuwait were the leading countries with $285 billion, $107.8 billion, and $97.5 billion revenues, respectively.

Iran, once OPEC's second-largest producer after Saudi Arabia, is seeking to clear space for its gradual return to the market after years in which Western sanctions have halved its oil exports to as little as 1 million barrels per day (bpd).

The country's current oil production is estimated to be around 2.7 million bpd.

In the sixth international seminar of the Organization of Petroleum Exporting Countries (OPEC), which was held in Vienna on June 3 and 4, Iranian Oil Minister Bijan Namdar Zanganeh said Iran's oil production could be lifted by one million barrels per day (bpd) within half a year of Western sanctions being lifted.

With holding 157.5 billion barrels of recoverable crude oil reserves, Iran possesses the world's fourth largest crude oil reserves.

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