05232018Wed

Iran says oil revenues down by half: paper

Reuters: Iran's oil revenues have been cut in half this year compared with last year, a newspaper quoted Iran's economic minister as saying, an admission of how deeply Western sanctions are cutting Tehran's chief source of funds. DUBAI (Reuters) - Iran's oil revenues have been cut in half this year compared with last year, a newspaper quoted Iran's economic minister as saying, an admission of how deeply Western sanctions are cutting Tehran's chief source of funds.

U.S. and European Union sanctions are designed to slash oil revenues to starve Tehran of funds that might be channeled into expensive nuclear weapons programs.

Iran denies it is seeking nuclear weapons, saying its atomic program is solely for peaceful purposes.

"Because of the sanctions, revenues collected from the country's oil have dropped by 50 percent," Economic Minister Shamseddin Hosseini was quoted as saying by economic daily Donya-e-Eqtesad.

"By managing our resources and revenues, there will be no problem in paying salaries until the end of this year," he added, referring to Iran's calendar year which ends on March 20, 2013.

Hosseini had made the comments in an interview on state television on Saturday and they were published by the newspaper on Sunday.

Iranian legislators had previously hinted at the country's budget woes as a result of sanctions and officials have said the government should depend less on oil revenues and more on taxation to fill its coffers.

Iranian President Mahmoud Ahmadinejad is due to present the 2013-2014 budget to Parliament for approval.

Iranian MP Mohammad Reza Bahonar said in September Iran's oil exports had dived to 800,000 barrels per day (bpd) in July as a result of sanctions, compared with between 2.3 and 2.4 million bpd last year.

In addition to oil embargoes, Iran also faces financial sanctions that make it difficult to repatriate earnings from oil it does manage to sell.

Starting February 6, U.S. law will prevent Iran from bringing home oil export earnings, a measure that will @lock up" a substantial amount of Tehran's funds, U.S. officials have said.

(Reporting by Yeganeh Torbati and Zahra Hosseinian; Editing by David Holmes)

Search

Iran,Isfahan, Apr. 10, 2018. Farmers Stage Major Protest Gathering in Khourasgan Square

Iran,Isfahan, Apr. 10, 2018. Farmers' Protest Rally Continues

Iran – the Portrait of Khamenei and Khomeini Was Set on Fire

>

Ahvaz, 29 Mar, Peaceful Demonstration of People Faces With Brutal Clashes by the Security Forces

IRAN, AHVAZ, Mar 27&28 People Clash With Security Agents Who Wanted to Destroy Their Houses

WARNING - VULGAR LANGUAGE March 13 - Tehran, NW #Iran‌ Protesters Celebrating #FireFest and Clashing

Iran: Video Clip, Activists Setting Fire 2 Paramilitary Bassij Center in Lavasan, North Tehran. #Fir

March 13 - Qazvin, NW #Iran‌ Protesters Starting #FireFest, Defying Authorities Banning Such #4Shanb

Iranian Opposition Organises Protest Against Presence of Iranian Justice Minister at UN in Geneva

Iran - Feb 6: Protest by swindled investors of the Caspian investment fund in Rasht

Iran: Kian Tyre factory workers protest overdue wages

Iran Protests- Jan. 5, 2018 City of Tabriz, Protests Inside the Football Stadium

Iran Protests- 5 Jan 2018 - Crowd Chants Slogan Against State Security Forces

Iran Protests- January 5, 2018 City of Tabriz, Protests Inside the Football Stadium

Iran- Dezful - South of Iran, the Funeral of Mohsen Adeli Who Was Killed by Regime During Protests

Iran Protests- January 5, 2018. Tabriz, the Repressive Special Guards Run Away From Youths

Iran Protests - Jan. 4, 2018 - City of City of Dezful -Southwestern Iran

Iran Protests- Tehran, January 3, People Fight Back Against Plain Clothes and Security Agents

Iran Protests- Tehran Jan 3, Outraged People Chanting, Death to Khamenei, Death to the Dictator

Iran Protests- Jan 4, 2018- City of Isfahan

Iran Protests- January 2, 2018 Ahwaz, Sixth Day of Uprising

Iran Protests- Sixth Day of People's Uprising Against the Regime, Tehran, January 2, 2018