Iran’s Oil Revenue Problem

From CNN

All indications are that sanctions against Iran are really starting to bite and this time it is coming from the oil ministry in Tehran, which for months has denied that oil production was suffering due to international pressure.

In an interview with the Iranian Student News Agency (ISNA), Gholam Reza Kateb a member of the national planning and budget committee in Parliament referenced a report from Iran’s oil minister Rostam Qasemi. In that report, the minister suggested that oil revenues in the country plummeted 40 percent, while gas and gas products’ export revenues fell by 45% compared to the same period last year.

This is a hot button issue in Iran, where the currency due to sanctions has dropped 80 percent from its peak in 2011. The Iranian people are faced with spiralling inflation and job layoffs within the state sector.

I spoke with a source in Iran’s representative office to OPEC who declined to comment and referred all matters to the Oil Ministry. A spokesman at the state oil company Iran Petroleum would only say “in this political climate it is difficult to confirm these statements.”

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