Iranian President: Oil Revenues Down to Less than $20 Billion Under U.S. Sanctions

Iranian President: Oil Revenues Down to Less than $20 Billion Under U.S. Sanctions


Iranian President Hassan Rouhani said during a government video conference on Monday that oil revenues have declined from $120 billion in 2011 to “just over $20 billion” last year, in large part due to pressure from renewed U.S. sanctions.

Radio Farda noted that even this gloomy estimate from Rouhani might have been considerably padded since Vice President Eshaq Jahangiri said in June that 2019 oil revenues were down to just $8 billion, less than half the figure Rouhani cited. 

The head of Iran’s budget agency, Mohammed Baqer Nobakht, implied the situation was even worse later in the summer by saying Iran effectively “cannot sell even a drop of oil” because it cannot complete the international financial transactions necessary to receive payment.

The Iranian rial hit a new low against the U.S. dollar over the weekend, having lost about 49 percent of its value over the course of 2020.

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Iran’s central

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