• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 3 hours The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 1 hour Buy IELTS, IDP TOEFL, GMAT, ESOL, DEGREE, DIPLOMAS WhatsApp............+237(683)(483)(021)
  • 3 hours Greenpeace claims one oil rig is "pushing the world closer to a climate catastrophe"
  • 2 hours Hydrogen FTW... Some Day
  • 7 mins Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 17 hours The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
  • 16 hours Emmissions up, renewables nowhere
  • 1 day Plants are Dying
  • 2 days Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 2 days We Are Better Than This
  • 8 hours Britain makes it almost 12 days with NO COAL
  • 13 mins The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 1 day Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
Iran Won’t Leave OPEC

Iran Won’t Leave OPEC

Iran has no intention of…

Russia Pushes Back Against “Freedom Gas”

Russia Pushes Back Against “Freedom Gas”

The global gas market has…

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

Iran’s Oil Revenue Hits $50 Billion Ahead Of US Sanctions

Iran

Iran’s revenues from oil exports hit US$50 billion in the Iranian financial year ended March 20, with oil and oil product exports accounting for 70 percent of all Iranian exports, Habibollah Bitaraf, Deputy Oil Minister for Engineering, Research, and Technology Affairs, said on Monday.

Iran’s total export currency revenue in the year to March was between US$90 billion and US$95 billion, Iran’s Mehr news agency quoted Bitaraf as saying at a conference. Of those, Iran received a total of US$50 billion from crude oil exports and another US$20 billion from exports of petrochemicals, according to the oil ministry’s official.

Yet, in the current Iranian year and going forward, Iran’s oil export volumes are expected to be reduced with the re-imposition of the U.S. sanctions, as some buyers—especially in Europe—are concerned about risking secondary sanctions for doing business with Iran. Oil tanker owners, banks, and insurers have also started to reassess their business involvement with Iran, in view of the returning U.S. sanctions.

Iran’s crude oil exports reached a record 2.617 million bpd in April—the highest level since Iran signed the nuclear deal with global powers from which U.S. President Donald Trump withdrew in May.

Tehran doesn’t see its buyers obtaining waivers from the U.S. sanctions, Iran’s Oil Minister Bijan Zanganeh said in an interview with Bloomberg on Friday.

“I don’t believe they can receive waiver from the United States,” Zanganeh said. “We are going to find some other way,” said the minister.

Related: A Storm Is Brewing In The Southern Gas Corridor

At the same time, no big oil company can risk coming under secondary U.S. sanctions, the chief executive of France’s Total, Patrick Pouyanne, said last week.

“There’s not a single international company like Total who can work in any country with secondary sanctions. I don’t have the right. It’s just the reality of the world,” Pouyanne told CNBC.

Total warned last month that it would “not be in a position to continue” the South Pars 11 gas project and “will have to unwind all related operations before 4 November 2018 unless Total is granted a specific project waiver by the US authorities with the support of the French and European authorities.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News