October 08, 2008

Iran earns USD 70 billion from oil sales in 2007-08

RIA Novosti cited Mr Gholamhossein Nozari oil minister of Iran as saying that Iran grossed USD 70 billion from oil sales over the country's past solar year, which according to the Iranian calendar runs from March 21st 2007 until March 20th 2008.

Mr Nozari told national television that "Iran's income from the export of crude oil in the current Iranian year has been around USD 70 billion.”

Mr Nozari added that in the past two years, oil production exceeded 4 million barrels per day, currently at 4.21 million BPD, which is a new record since the 1979 Islamic Revolution. He said about 2.5 million barrels per day was exported.