First Published: 2013-02-13

 

IAE: Iran oil export revenue lost $40 billion in 2012

 

International Energy Agency says Western sanctions on Iran succeeded in slashing Iran’s oil export revenue.

 

Middle East Online

Iranian crude oil production continued to edge lower in January

PARIS - Sanctions by the West on Iran succeeded in slashing Iran's oil export revenue by $40 billion in 2012, the International Energy Agency said on Wednesday, as production last month hit a three-decade low point.

The IEA, the oil monitoring and policy arm of the OECD, said Iranian 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 US and European Union took effect.

"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 IEA 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 agency said.

The US Treasury said earlier this month that countries continuing to buy Iranian oil would have to retain their payment for the oil, and allow it to be used only for Iranian purchases of goods from them.

That has apparently succeeded in tightening Tehran's ability to freely use the money it gets from oil exports, which have already been sharply constricted by international sanctions on the country.

The move on oil revenues came six months after the US said it would deny access to the US financial system to countries buying Iranian oil, with certain countries given exceptions to wind down their trade.

 

Obama admits 'no strategy yet' to fight IS

Libya's troubled interim government steps down

Top Saudi envoys hold talks with Qatar emir

Over three million Syrian refugees have fled war

At Venice Film Festival, Iran filmmaker urges West to lift sanctions

UN chief lashes out at 'brutal' IS killings in Iraq

Israel counts losses and gains in Gaza: Heavy cost for 50 days of war

Saudi Crown Prince flies to France next week: Jihadist threat tops agenda

UN confirms capture of UN peacekeepers in Syria Golan

Islamic State executes dozens of Syria soldiers in new atrocity

'Jihad recruiters' arrested in Netherlands, Germany

Saudi Grand Mufti warns youth against ‘perverted’ calls for jihad

Neo-Ottomanism scores new victory in Turkey: From Ataturk to Erdogan

Fire rises up again from under ashes on Lebanon border

Vital aid arrives in war-battered Gaza

Lebanon seeks to tackle child marriage with new legislation

Hollande: Assad cannot be partner in fight against terrorists

Egypt quizzes Morsi for 'giving security papers to Qatar'

Obama's warfare doctrine to be tested in Syria

UN moves to impose sanctions on Libya militias

Mother of US hostage to leader of Islamic State: Please spare my son

Turkey ruling party officially approves Davutoglu as new PM

US spy agencies face difficult task in Syria

Saudi Arabia jails 18 militants on terror charges

Gazans breathe sigh of relief

Litany of horrors becomes regular fixture in jihadist-held Syria

Iraq forces mass for onslaught on jihadist siege of Amerli

Doha offers help to rebuild Gaza

Iran alters Arak heavy water reactor over Western worries

New Turkey PM leaves successor troubled legacy

US rules out coordination with Syria on targeting jihadists

Algeria president sacks Belkhadem

Calm reigns over Gaza amid celebrations

Palestinians ‘reach’ long-term Gaza truce with Israel

Barzani: Iran provided us with weapons

US to track jihadists in Syria with spy planes

Top Iran official in Saudi to repair strained ties

Drums of war are beating anew on Capitol Hill

Israel air raid in Gaza kills two Palestinians

Deadly bus tragedy in Egypt

Car bomb rips through Baghdad intersection

Shebab flee Somalia strategic town in latest advance of African troops

South Sudan warring leaders sign fresh ceasefire deal

Who’s funding extremists? Qatar struggles to clean up tarnished image

Abadi calls on militias to come under Iraq state control