Iran Oil Revenues Down by 58% Because of Sanctions

Iran’s monthly oil revenues averaged an estimated $3.4 billion in the first half of 2013, down from $6.3 billion in the same period last year, a drop of 46 percent, Reuters reported today. The monthly revenues in the first half of this year compared to 2011, when it stood at $8 billion before the oil sanctions began, have dropped by 58%.

The Associated Press had also reported earlier that nearly half of Iran's monthly earnings from crude oil exports are accumulating in accounts overseas because of U.S. sanctions that restrict Tehran's access to the money. A senior U.S. official had told AP that about $1.5 billion in crude oil revenues (out of the current $3.4 billion) is piling up in restricted foreign accounts every month. So in practical terms, Iran’s available hard currency from monthly oil sales has dropped from $6.3 billion last year to around $1.9 billion this year.