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 Iranís 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.

 

Turkey reinforces ground forces across border into Syria

Tunisia unity government to remain unchanged

Raped teen who took own life finally gets justice in Morocco

Muslim women say swimsuit uproar is 'absurd'

Kerry in Saudi for talks on regional conflicts

Iranian navy in 'unsafe' intercept of US destroyer

UN Syria envoy says expects 'impact' from Kerry-Lavrov meeting

Three wounded in PKK attack on Turkey opposition chief's convoy

Erdogan to inaugurate Istanbul's third Bosphorus bridge

China to train Syrian troops

Turkey says 'every right' to intervene if Kurds fail to withdraw

UN rights chief urges international probe of Yemen violations

Syria rebels backed by Turkey tanks 'seize' Jarabulus

Libya's presidential council to present new cabinet

Syria regime, Kurds blast Turkish incursion

Biden: Washington told Kurds not to cross Euphrates

Israeli court shuns plea to unchain Palestinian hunger striker

Saudi police foil mosque suicide bombing

Kerry to meet Russia's Lavrov in Geneva on Friday

Kurdish forces in Syria prime target for Turkey

Drone strike kills 2 Qaeda suspects in Yemen

Iran yet to decide on OPEC limits

Iraq forces advance south of Mosul

Gaza animals leave 'world's worst' zoo

Hasakeh: key flashpoint for Syria regime, Kurds

Kerry heads to Saudi on Yemen peace push

British woman killed in Australian stabbing

Hajj stoning to be shortened after deadly stampede

Turkey launches operation to clear Syria border town from IS

Israel raids West Bank arms factories

Morocco posts fall in foreign tourist arrivals

Turkey cuts interest rates defying inflation jump

Syria regime, Kurds agree Hasakeh truce

Iran says it requested Russian strikes on Aleppo

Turkey shells IS positions in Syria

UN braces for massive flight from Mosul

Sudanese migrant killed in Calais clashes

Palestinian suspect in police killings beaten to death

Iraq forces launch push to retake town south of Mosul

UN aid chief warns of 'unparalleled' catastrophe in Aleppo

Prominent Morocco Islamists rapped over 'sex on beach'

Libya parliament rejects Sarrajís unity government

Yemen army looks to break Taez siege amid deadly battles

Jordan to allow more Syrian children access to education