21:43 GMT +320 October 2019
Listen Live
    Pardis petrochemical complex facilities in Assalouyeh on the northern coast of the Persian Gulf, Iran, Tuesday, Sept. 4, 2018. Iranian President Hassan Rouhani said Tuesday his country will continue exporting crude oil despite U.S. efforts to stop it through sanctions

    Iran’s Oil Revenues Increased by Almost 50% Despite Sanctions - Reports

    © AP Photo / Iranian Presidency Office
    Middle East
    Get short URL
    0 180
    Subscribe

    MOSCOW (Sputnik) - Tehran’s revenue from oil exports in the first nine months of the current Iranian year — which runs from 21 March 2018 to 20 March 2019 — have increased by 48.9 percent year-on-year despite the reimposition of US sanctions, the IRNA news agency reported on Monday.

    According to the IRNA, the main reason for the increase in revenue was the oil price hike in the global markets.

    READ MORE: Iran Accuses US of Backing "Dictators, Butchers, Extremists" in Middle East

    Iran's oil revenues from the said period amounted to over $17 billion, according to the agency.

    However, the demand for oil has recently dropped from $80 per barrel to $50 against the background of the trade war between the United States and China as well as oversupply on the oil market.

    The reports come after in May 2018 the United States announced its unilateral withdrawal from the Iran nuclear deal and reimposition of sanctions. Later that year, two packages of sanctions came into effect with the aim of forcing Tehran to negotiate a new agreement. Washington's decision was not supported by other signatories to the deal — China, France, Germany, Iran, Russia, the United Kingdom, and the European Union — which insisted on Tehran’s compliance with the deal.

    The US restrictions include measures that curb Iran's oil industry. Only eight nations — China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey — received temporary exemptions from the sanctions on importing oil from Iran.

    Related:

    Iran's Oil Minister Says Tehran Got Exemption From OPEC-Non-OPEC Oil Output Cuts
    Iran Has More Potential Oil Buyers Despite US Sanctions – Deputy Minister
    Iran Sanctions: 'Oil Shock Will Cause Big Damage to Global Economy' - Scholar
    Tags:
    oil, sanctions, Iran nuclear deal, Iran
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik