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.

 

Islamic State ‘share in US weapons’ embarrasses Pentagon

Hundreds protest in Iran after horrendous acid attacks

Libya army scores small victory in Benghazi

Masdar to build first large-scale wind farm in GCC

Kasserine reaps bitter harvest from Tunisia revolution: Poverty and terrorism

Turkish woman arrested for stepping on Koran

Erdogan criticises US for airdrops on Kobane

Iraq schools provide shelter but late to open for classes

Syria air force shoots down two of three 'IS warplanes'

Egypt court rules on ‘Nasr City terror cell’

Fire from Egypt wounds two Israeli soldiers near border

By hook or by crook, settlers notch up property gains in East Jerusalem

Turkey envoy meets leader of parallel government in Libya

Israel arrests seven Palestinian fishermen off northern Gaza

Khamenei to Abadi: Iraq can beat 'Islamic State' without foreign troops

Saudi special court rules in cases of riots and terrorism

Only in Libya: Government calls for civil disobedience

Iraq Kurds set to vote on deployment of Peshmerga forces to Syria

Alderton: Morocco unrivalled business gateway to sub-Saharan Africa

Protests over IS turn Istanbul University into war zone

Turkey eyes stricter punishment against lawbreakers at protests

For Sudan President: Promises are something and re-election is something else

Iran returns Abadi to ‘house of obedience’

From traditional military to counterinsurgency force: Syria army grows more capable

South Sudan rivals accept 'responsibility' for civil war

British drones in Iraq also used for Syria surveillance

Turkey launches new wave of wire-tapping arrests

Rise of Shiite militias challenges government authority in Iraq

Syria Kurds show impressive resistance to ‘Islamic State’ in Kobane

Vote or boycott: Grim record of self-serving politicians puts off voters in Tunisia

Egypt universities tighten security to avoid new Islamist violence

Iran forces inside Iraq as Abadi rules out foreign ground intervention!

South Sudan rivals meet in new bid to end civil war

From Morocco into Spain: Crowd of African migrants charges to border fence

Deadly suicide attack targets Shiite mosque in central Baghdad

Turkey gives Iraq Peshmerga forces passage to Kobane

Israel to supply Egypt with natural gas despite sabotage

Kerry seeks help of Southeast Asia in anti-Islamic State push

Qaeda inflicts heavy losses on Huthi rebels in central Yemen

US carries out first weapon airdrops to Kurd fighters near Kobane

Benghazi violence kills 75 people in five days

Morocco accuses Algeria of firing on civilians across border

Australia finalises deal for deployment of Special Forces to Iraq

Tunisia calls on Libya authorities to locate missing journalists

Turkey rejects calls to arm ‘terrorist’ Kurdish party in Syria