11 January 2015 - 14:26
  • News Code: 232678
Sanctions Cut Iran Petrodollars by $100b

TEHRAN Jan 11(Shana)--International sanctions have reduced $100 billion of Iran's revenues from oil sales over the past three years, a senior official said.

“Over the past three years, Iran's oil exports have declined by 1.5 mb/d [due to tough international sanctions] and it has inflicted more than $100 billion in losses on Iran,” Mohsen Rezaei, secretary of the Expediency Council, said.

He said that sanctions slapped on Iran three years ago pushed Iran's oil exports down from 2.5 mb/d to below 1 mb/d.  

“Over the past two months, price sanctions which happened with the help of countries like Saudi Arabia have caused a 50-percent decline in Iran's oil price,” said Rezaei.

He said that Iran would see its petrodollars fall by another $100 billion in the coming three years should oil prices keep falling.

News Code 232678

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