Iran’s Minister of Economic Affairs and Finance Shamseddin Hosseini finally revealed that Iran’s oil export revenues have halted and customs taxes incomes decreased.
Hosseini said government income for the current solar year was expected to reach $117 billion (based on the official USD rate in Iran), but mostly because of halting oil exports the figure may stand at $77 billion, giving a $40 billion deficit.
The price of a barrel crude oil was considered at $85 in the current year’s budget law and it’s predicted that Iran would export 2.2mbpd crude oil, but the IEA says Iran’s oil export volume decreased by one million barrels. The oil price was averaging about $110 per barrel during current year meaning Iran should have made $88 billion crude oil and about $20 condensate exports in 2012. Hosseini’s statement shows that Iran’s oil export volume has dropped even further than the IEA forecast which predicted a 40 per cent drop in Iran’s oil export.
