Sunday, December 16, 2012

Iran Oil Revenues Down by Half- Economy Minister

Iran's Minister of Economy Shamseddin Hosseini said in Tehran that because of U.S. and EU sanctions, the country’s oil revenues have been cut in half this year compared with last year.
“Because of the sanctions, revenues collected from the country's oil have dropped by 50 percent,” Hosseini said. “By managing our resources and revenues, there will be no problem in paying salaries until the end of this year,” Hosseini added, referring to Iran's calendar year which ends on 20 March 2013. (Donya-e-Eqtesad, 16 December)
Donya-e Eqtesad, Iran’s leading business journal, said the minister had originally made the comments during an interview with state-run TV on Saturday. To read the journal's article in Farsi, please click here.
Hosseini’s comments confirm earlier reports by oil reporting agencies that Iran’s exports had fallen by 46 percent for the 12-month period ending 31 October. It is also estimated that Iran’s oil exports in December will be at a record low of 824,000 barrels per day, a drop of 66 percent over the export averages of 2.4 million b/d in 2011.

Meanwhile, starting 6 February 2013,
buyers of Iranian oil must hold payments in special funds that can be used only for bilateral trade on a list of approved commodities. The measure would effectively lock up a substantial amount of Iran’s future oil revenues.   
Photo credit: Iran’s Kharg Island Oil Export Terminal. (Getty Images)


Anonymous said...

Wow,these idiots can't make up their scatty minds up!
Their so called oil minister said,everything is OK and the sanctions aren't hurting.
Then you have another comedian say that the sanctions are hurting.
What a bunch of losers!

Anonymous said...

a lof of false news, or mix true with dlase

14 DEC Iran oil minister
OIL production is not affected by sanctions, Iran produce 3,7 Mill Barrel per day

16 DEC econmoy minister
because of sanction we prduce only 824,000 Barrel

1) Hosseni is not minister of Economy

2) here donyay-eqtesad 16 DEc with interview

I can no where find statement about 824,000 barrel,

to announce the oil production numbers is not job of speaker of economy ministerium

Nader Uskowi said...

Anon 4:11 PM,
Two points: the information you have provided are incorrect, and you are confusing oil production levels with oil export volume:

1. Hosseini is indeed Iran’s minister of economic affairs and finance. He has said that Iran’s oil exports have been cut by half. His comments confirmed earlier reports by international agencies that Iran’s exports had been cut by 46 percent this year.

2. Iran’s oil minister remarks were about oil production, not oil exports. He had said the production level had not been affected by sanctions. We carried his remarks on 14 December. We also noted on that post that the oil minister’s remarks contradicted the unusual reliable reports by IAE about the production level. In any case, oil minister’s comments were not about exports and is not related to this post.

3. We did not attribute the estimates of $824,000 b/d in exports for the month of December to Donya-e Eqtesad nor to the minister of economy. It was natural that you could find the reference to the article that we had provided the link to. Don’t understand why you are objecting to something that we didn’t say.

Unknown said...

@anon 4:11
A majlis member (غلامرضا اسدللهی) of the budget committee had reported a similar income reduction to 40% for the first 6 months of the Iranian year. That report came from ISNA and the BBC.