Iran’s oil minister said today in Tehran that his country’s oil exports are expected to reach and remain at least at $80 billion a year. Iran currently exports some 2.2 million barrels a day. The uprisings and uncertainties in the Middle East have pushed the price of each barrel of Iran Heavy above the $100 mark, and rising. At $100 per barrel and 2.2 million bpd in exports, the country’s annual oil revenues would reach $80 billion.
The Shah’s government at the height of Iran’s prosperity in mid-70s enjoyed oil revenues of $20 billion. Even accounting for population increase and the rate of inflation, the quadrupling of oil revenues creates an unparalleled opportunity for the Islamic Republic to continue its hold on power.