An Iranian Deputy Oil Minister has said that his country’s revenues from exporting crude oil will total around US$69 billion for the year up until 20th March.
Speaking on Iranian national television Akbar Tarkan said: “The average world oil price over the past year was around $80 per barrel. Iran’s revenues from the sale of crude oil following the results of the year amount to more than $68 billion.”
The steep decline in the price of oil since July 2008, from a peak of $147 a barrel to the current price of around $40, has meant that Iran’s year on year revenues have dropped by $1 billion.
The Republic of Iran ranks fourth in the world in regards to both crude reserves and oil production.
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