• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Russia Says Europe Will Struggle To Replace Its Oil Products
  • 48 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Reality catching up with EV forecasts
  • 22 hours Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 12 days A Somewhat Realistic View of the Near Future for Electric Vehicles Worldwide
  • 12 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

U.S. Sanctions Halve Iran’s Oil Revenues

Iran’s oil revenues have halved since the U.S. imposed sanctions on the Islamic Republic in 2018, Turkish news agency Anadolu reported, citing an Instagram post of the governor of the Iranian Central Bank, Abdolnaser Hemmati.

According to the head of the central bank of Iran, the country’s revenues from oil sales have dropped from more than US$40 billion in 2018 to less than US$20 billion in 2019 and 2020. The central bank also had very limited access to those revenues, Hemmati said.

The U.S. sanctions on Iran’s oil exports have been an “unprecedented maximum pressure campaign” that has impacted every sector of the Iranian economy, he added.

ADVERTISEMENT

As early as in 2019, Iran’s Oil Minister Bijan Zanganeh admitted that Iran’s oil industry had been dealt a “deadly blow” by the U.S. sanctions.

Earlier this week, Iran said that the U.S. should pay Tehran as much as US$70 billion as compensation for lost oil revenues due to the U.S. sanctions, as a prerequisite for a return to the nuclear deal.

ADVERTISEMENT

Kamal Kharrazi, the chairman of Iran’s Strategic Council on Foreign Relations—a body advising Iran’s Supreme Leader Ayatollah Ali Khamenei—said this payment would be a prerequisite if U.S. President-elect Joe Biden wants to return to the so-called Iranian nuclear deal, according to the state-run Islamic Republic of Iran Broadcasting, quoted by Bloomberg.

President-elect Biden has pledged to offer Iran a path back to diplomacy and a return to the nuclear deal. If the U.S. and Iran return to a path of diplomacy, there is a chance that the strict U.S. sanctions on Iran’s oil exports could be eased, potentially paving the way for around 2 million bpd of Iranian crude oil exports returning to the market.  

Last month, Iranian authorities seemed confident they could be able to sell as much as 2.3 million bpd of oil in the next Iranian year that begins in March 2021, according to Iran’s budget bill.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage


ADVERTISEMENT


ADVERTISEMENT



Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News