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.

 

Essebsi wins Tunisia election to become first freely elected President

U-turn: Qatar pledges 'full support' to Sisi's Egypt

Syria civil war has cost tiny neighbour Lebanon more than $ 20 billion

Erdogan slams birth control as ‘treason’ against Turkey ambitions

Arts Canteen London presents Attab Haddad: Iraqi oud with a western twist

Israel charges Palestinians for ‘inciting violence on Facebook’

Hollande urges ‘utmost vigilance’ after brutal weekend attacks in France

Turkey graft scandal: Four ex-ministers await decision on their fate

Berlin seeks to set up trauma centre for IS rape victims

Syria claims downing of Israeli reconnaissance drone

Rafah border crossing reopens for two days

Israel parliament approves funding for settler tourism plan

Five jihadists killed in clashes with Egypt police

Essebsi claims victory in Tunisia presidential poll

Coalition targets ‘Islamic State’ in areas north of Aleppo

Libya Islamist-backed government urges foreigners to return to Tripoli

Palestinians enter Egypt as Rafah crossing reopens for two days

Davutoglu accuses EU of 'dirty campaign' against Turkey

Raid on terrorists accidentally kills Saudi youth in Awamiya town

Egypt sentences ‘spy for Israel’ to ten years in prison

Jordan ends eight-year moratorium on death penalty

Egypt President removes powerful spy chief

Barzani in Mount Sinjar after end of jihadist siege

Tunisia votes for president in final leg of democratic transition

Turkey acquits sociologist over 1998 explosion

EU foreign affairs head to visit Iraq

Turkey court remands Samanyolu TV chief in custody

IS threatens to kill Lebanese soldiers held hostage

Obama concerned about Egypt mass trials

Tough times for oil-rich GCC

Tumbling oil prices cut budgets of Mideast arms exporters

Iraq’s peshmerga ‘break’ Mount Sinjar siege

Turkish media chiefs charged with terrorism

Iraq may delay payment of Kuwait war reparations

Over $900 million needed to help Syria children

Saudi rules out oil output reduction

Dutch populist lawmaker to be tried for 'fewer Moroccans' vow

Outrage in Algeria over Islamist call for Algerian author's death

Iraq Kurds, coalition launch offensive to retake Sinjar

Three years to end Israeli occupation in UN resolution

Yemen’s Huthis seize Sanaa state offices

Somalia appoints new PM after bitter infighting

Blow to Israel: EU court removes Hamas from terror blacklist

Sharp rise in Syria passport applications

Turkey FM visit to Iran highlights Syria divide