The Iranian government’s oil revenues have witnessed an increase by 38 percent during the first 11 months of the last fiscal year (March 20, 2017-Feb. 20, 2018).
Iranian administration earned 824 trillion rials (each USD made 37,700 rials at the time) of revenues through the sale of oil (including condensate) and oil products during the 11-month period, the country’s Central Bank said.
The figure indicates that the predicted revenues in budget for the 11-month period (1,048.5 trillion rials) are materialized by 78.6 percent.
The Iranian budget foresaw 1,139 trillion rials of oil revenues for government for the last fiscal year (ended March 2018).
The government’s incomes from sale of crude oil was 624.7 trillion rials in the 11-month period, 45.3 percent more year-on-year (the predicted revenues based on budget were 922.3 trillion rials).
The Iranian administration also earned 140.9 trillion rials in incomes through export of oil products and gas condensate. The figure is 0.7 percent less compared to the 11-month period of the preceding year.
Iran was exporting 2.5 mb/d of crude oil and gas condensate before sanctions were imposed in 2012, of which 18 percent was supplied to the EU.
After 2012, the EU cut Iran oil purchase and Asian countries had to decrease Iranian oil import gradually, which led to a decrease in Iranian oil and gas condensate export to 1.2 mb/d in 2015.
After elimination of sanctions in 2016, based on nuclear agreement, Iran resumed its oil exports.
Iran’s crude oil and condensate exports currently stand at about 2.6 million barrels per day (mb/d) of that some 40 percent is supplied to the EU market.