Iran sees 580% rise in oil and condensates income

An Aerial view of Iran’s Balal offshore oil platform, in the Gulf on the edge of Qatar’s territorial waters, seen on 16 May 2004 [BEHROUZ MEHRI/AFP via Getty Images]

Iran’s income from oil and condensates exports is 580 per cent higher in the first four months of the Iranian year (March 21 to July 21) compared with the same period a year ago, the Iranian Economy Minister said on Tuesday, Reuters reports.

According to the report, the Economy Minister, Ehsan Khandouzi, told a news conference that Iran saw a 580 per cent increase in the Treasury’s income from the export of oil and condensate in the first four months of this year.

The Iranian government says it has found ways to repatriate funds to its Treasury from earlier energy exports and says it has increased oil exports despite US sanctions re-imposed in 2018 after former US President Donald Trump withdrew from an agreement to restrain Iran’s nuclear programme.

In Iran, the inflation rate surpassed 50 per ceent in 2021, prices of goods tripled. Hikes in energy and housing costs, and protests over economic hardship spreading across the country also destroyed the reputation of the regime.

READ: Iran, Russia to start trading in national currencies, dropping US dollar

Unless otherwise stated in the article above, this work by Middle East Monitor is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License. If the image(s) bear our credit, this license also applies to them. What does that mean? For other permissions, please contact us.