Iranian President Hassan Rouhani said his country’s oil revenues have decreased from $120 billion to $20 billion over the last eight years, Anadolu reported.
Rouhani pointed out that his country has been subjected to “rare” economic sanctions, adding that Iran’s oil revenues have fallen from $120 billion in 2011 to $20 billion in 2019.
The president stressed on the importance of increasing focus on local production, adding that life is very difficult without establishing relations with other countries.
US sanctions have reduced Iran’s production of crude oil to an average of 1.9 million barrels per day, compared to 3.85 million before the restrictive measures were put in place, according to OPEC data, while exports fell to less than 100,000 barrels per day.
US President Donald Trump has said the sanctions are necessary to quash Iran’s regional influence and support for opposition forces. However, Tehran believes the moves are an effort to force regime change in the country.