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.


Erdogan’s vision of Syria’s future torn up by Putin

EU kicks off military operation against ‘mafia of the sea’

EU to ease Turkey migrant burden on conditions

IS bombings will not deter Yemen govt from staying in Aden

Halal economy set to grow worldwide

Russia ‘ready’ to establish contacts with Free Syrian Army

Turkey arrests six people over 'minting coins for ISIS’

What does Iran nuclear deal mean for Syria?

Israel-Palestinian unrest at risk of turning into religious war

Syria army launches broad ground operation in Hama province

US insists no military cooperation with Russia in Syria conflict

ISIS attack complicates task for Arab coalition in Yemen

Russia warships fire cruise missiles to back Syria army operation

Escape or temporary move: Erdogan son settles in Italy

New violence rocks Israel, West Bank

Mortar attack wounds Lebanon soldiers near border with Syria

Iraq forces recapture several areas around Ramadi

Saleh’s party ‘ready’ for UN-brokered Yemen peace

Russia air strikes targeting Chechen jihadists in Syria

Russia examining US proposals to coordinate Syria strikes

Russia hints at willingness on Syria 'deconfliction' with US

France may strip five terrorists of nationality

Israel demolition policy: Collective punishment in violation of international law

Violence in Yemen may trigger world's next great refugee crisis

EU to 'step up' work on resettlement of refugees from Turkey

Tunisia dismantles three ISIS recruitment cells

Russia not cooperating with US in Syria safety talks

‘Islamic State’ claims series of deadly attacks in Yemen

Recent unrest leaves Netanyahu with tough political choices

NATO accuses Russia of violating Turkey airspace

Unpaid teachers in Iraq Kurdistan go on strike to end ‘farce’

Erdogan warns Russia not to destroy friendship with Turkey

Arab coalition troops among 15 killed in Yemen attacks

Russia has created ‘de facto no-fly zone’ for Assad

Is pro-Sisi parliament a given?

NATO warns Russia airspace violations risk inflaming tensions

Turkey urges EU to do more to topple Assad

Iran threatens boycott Frankfurt Book Fair over Rushdie’s invite

Libya rival factions resume peace talks in Morocco

Opening of Baghdad’s Green Zone to public worries US

Yemen PM escapes unharmed in Aden rocket attack

UK top counter-terrorism official accuses social media of 'undermining' investigations

Lebanon lawmakers nearly come to blows in televised meeting

Gulf Arab forces take back strategic island in Yemen

Yemeni forces besiege rebels after capturing key strait