Iran’s oil revenues up 60% year-on-year

The latest official figures show that Iran’s oil revenues over a period of four months starting March 21, 2018 saw a whopping rise compared to the same period last year.

Figures released by the Central Bank of Iran (CBI) showed that Iran’s oil revenues stood at above Rials 419 trillion ($9.9 billion with each Dollar at the official rate of Rials 42,000) – around 60 percent higher year-on-year.

The revenues belonged to exports of crude oil and oil products, the CBI added in its statement.

Oil sales, the CBI added in a statement, set a record of Rials 348.9 trillion ($8.3 billion). The figure was higher than sales over the same period last year by 84.2 percent.

Iran’s state news agency IRNA quoted expert comments as showing that the rise in the country’s oil revenues was largely due to higher prices. The prices over the period of four months starting March 21, 2017 stood at an average of $50 per barrel. However, they rose to as high as $60 per barrel over the same period this year, IRNA added.