PARIS: The International Energy Agency (IEA) said on Wednesday that Iranian oil export revenue fell $40 billion last year due to the sanctions imposed by the US and European Union.
Iran’s oil output fell to 2.65 million barrels per day in January, down from the 3.7 mbd in late 2011 before the sanctions imposed on the Islamic Republic by the West, the IEA, the oil monitoring and policy arm of the OECD, said
“Iranian crude oil production continued to edge lower in January and may fall further in coming months following implementation on February 6 of additional sanctions by the US,” the agency said in its monthly report on the world oil market.
The latest sanctions are part of US legislation adopted last summer and “effectively bar Iran from repatriating earnings from its oil exports, depriving Tehran of much needed hard currency,” the IEA said.
DND
