Iran’s Oil Revenues Soar by 580% as Crude Prices Rally

By Tsvetana Paraskova

Global Research, July 28, 2022

OilPrice.com 26 July 2022

Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share widely Global Research articles.

***

Iran’s revenues from exports of oil and condensate surged by 580% during the first four months of the current Iranian year that begins on March 21, Iranian Minister of Economic Affairs and Finance, Seyyed Ehsan Khandouzisaid on Tuesday.   

Between March 21 and July 21, international crude oil prices have largely held above $100 per barrel after the Russian invasion of Ukraine and the sanctions on Russian oil exports upended global trade flows.

“Due to the increase in oil exports and our new budget’s currency conversion rate, we saw a 580% increase in the treasury’s income from the export of oil and condensate in the first four months of this year,” the Iranian finance minister was quoted as saying by local news agency IRNA.

Overall, Iran’s budget income jumped by 48% in March-July compared to the same period of 2021, while government expenditures rose by 16%, the minister added.

“The government was focused on this issue to be able to earn a more stable income. This means that compensating the budget deficit was on the agenda of the government and it was realized in the first 4 months of this year,” the minister said.

Iran’s 12-month inflation rate hit 40% in July, Iranian statistics showed last week. Prices of goods have soared since the government removed some subsidies earlier this year.

Despite the diplomatic impasse over the nuclear deal, Iran has been preparing to rejoin the global oil market. The country has boosted production, as well as exports to its main market, China. If a new deal is reached between Iran and the world powers, the flow of Iranian oil abroad could increase by between 500,000 bpd and 1 million bpd, according to analysts.

China has been the main outlet for Iranian crude oil exports since the U.S. re-imposed sanctions on the Islamic Republic’s oil industry in 2018 when then-President Donald Trump pulled the United States out of the so-called Iranian nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).

*

Note to readers: Please click the share buttons above or below. Follow us on Instagram and Twitter and subscribe to our Telegram Channel. Feel free to repost and share widely Global Research articles.

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

Featured image is from OilPrice.com

The original source of this article is OilPrice.com

Copyright © Tsvetana ParaskovaOilPrice.com, 2022

https://www.globalresearch.ca/irans-oil-revenues-soar-580-crude-prices-rally/5788106

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Up ↑

Our World Legends.

Past+Present. World Legends Reloaded+Retold. Martial+More.

~Burning Woman~

This WordPress.com site is for thoughts from "the other side"

Plumber and Hardware

Responsible Plumbing for clean portable water and safe sanitation.

Counterpoint

"International Topics, discussed logically"

Thoughts of a Wolf in Sheep's Clothing

Musings from someone who is NOT a Sheeple...

Declaration Of Opinion

{Mark Catlin's Blog} Agitate, Educate and Organise

Pet Human

Political and social commentary

Piazza della Carina

Geopolitics and Foreign Policy ... english and italian

God, dogs, and miracles

How I learned about God, and how dogs were involved

The PPJ Gazette

PPJ Gazette copyright ©

© blogfactory

Truth News

Rangitikei Environmental Health Watch

Watching our environment ... our health ... and corporations ... exposing lies and corruption

The Alchemist's Studio

Raku pottery, vases, and gifts

THE CHRONICLES OF HISTORY

READING INTO THE PAST .....

Emma's History Review

Want to find out about interesting historical topics and books?

Dispatches from the Asylum

“The story so far: In the beginning the Universe was created. This has made a lot of people very angry and been widely regarded as a bad move.” ― Douglas Adams

Documentary Film Festival. Los Angeles & Toronto

Submit your feature or short DOC and get it showcased at the FEEDBACK Film Festival

%d bloggers like this: