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.

 

16 killed in Israeli shelling of UN school in Gaza

Islamists capture key Benghazi army base

US plans largest ever sale of lethal missiles to Iraq

Mosul’s residents rise up against jihadists

Qatar invests in Israeli soccer

Militants fire at Tunisia army helicopter

Italian fire-fighting planes to come to Libya rescue

Syria rebels advance towards Hama military airport

Bloodshed in Gaza surges amid no truce

Major western powers call for Libya ceasefire

US-Israeli ties sink to new depths over Gaza war

UN warns buying oil from terrorists could lead to sanctions

Air Algerie crash black boxes sent to France

Warning of Tripoli catastrophe after huge oil depot blaze

US, UN call for immediate Gaza ceasefire

Egypt army kills 14 jihadists in restive Sinai Peninsula

Calls for temporary Gaza ceasefire fall on deaf ears

Yemen army foils new Qaeda attempt to seize military posts

Investigators need ‘few days’ to probe cause of Algeria plane crash

Tunisia army suffers more losses in open war with terrorism

Jihadists advance amid escalation in Syria anti-regime offensive

Iraq Shiite militia takes bloody revenge against ‘Islamic State’ in Baquba

Fierce clashes kill at least 38 people in Benghazi

Israel resumes devastating military assault on Gaza

Thousands face famine as food security situation worsens in Somalia

Death toll in Gaza climbs as fragile ceasefire reveals destruction

Egypt summons Turkey charge d'affaires for second time in one week

‘Islamic State’ jihadists dynamite Shiite shrine in Mosul

US evacuates embassy staff in Libya over ‘real risk’

Investigators begin 'difficult' probe into Air Algerie plane disaster

Armed men snatch Head of Baghdad Provincial Council

‘Islamic State’ beheads Syrian soldiers in Raqa

Kerry in Paris for talks on long-term Gaza truce

Hezbollah chief speaks out on Gaza

Two rival Islamic states in Syria power struggle

Crete protest against Syria chemicals destruction in Mediterranean

74 killed in IS assault on Syria regime territory

Iran confirms arrest of Washington Post correspondent

Somali 'Shebab commanders' killed in AU offensive

Paris: survivors of Air Algerie jet crash 'unlikely'

Jordan shots down drone near Syria border

Gaza civilian toll spiralling to above 800

UN urges Europe to tackle Mediterranean migrant crisis

From Israel with ‘virus’: Death threat letter reaches Palestinian mission in France

Ordeal of ‘apostasy’ woman ends with departure from Sudan