Friday, March 21, 2008

Record Oil Revenues

Iran’s Oil Minister Gholam Hossein Nozari said in Tehran that the country’s oil export revenues for the Iranian solar year 1386 (21 March 2007 – 20 March 2008) reached a record $70 billion.

Iran is producing 4.21 million barrels of crude oil per day, a new record since the 1979 Revolution. It exports about 2.5 million barrels per day.

The average price of Iran’s heavy crude also hit a new record in February at $88.51 per barrel.

With the expected rise in oil prices during the new year (March 08 - March 09), Iran’s annual oil revenue is expected to reach close to $100 billion.

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