TEHRAN (Dispatches) - Iran’s crude oil and oil product revenues in the first four months of the Iranian year beginning March 21 until July 23 jumped by 60 percent on the year to reach the equivalent of $9.9 billion, the Central Bank of Iran reported.
Oil sales revenues soared 84.2 percent, to $8.3 billion, setting a record, according to the central bank.
The increased revenues were the result of much higher oil prices this year compared to last year, and Iran’s high oil export volumes in March, April, and May.
Over the past two months, Iran’s oil exports have already started to drop, as some buyers started to shun Iranian oil due to the coming sanctions and lack of insurance coverage, and others scaled back purchases hoping to win U.S. waivers.
Between August 1 and 16, Iran’s oil exports plunged by 600,000 bpd compared to July loadings, Platts preliminary tanker tracking data showed.
Iran’s key customers in Asia—no.1 China and no.2 India—are not expected to cut off their imports of Iranian oil.