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Iran's Oil Revenue Will Not Exceed $5 billion in 2020

AT SEA -- Oil tankers pass through the Strait of Hormuz, December 21, 2018.

The chairman of the Iran-China Chamber of Commerce, Majid Reza Hariri, says Iran's oil revenue this year is "at best $5 billion."

Speaking to the state-run Iran Labor News Agency (ILNA) on Monday, October 5, Hariri refused to present further details on Iran's oil exports, but noted that Iran's revenue from selling non-oil exports has also dropped.

According to Hariri, the US sanctions and the coronavirus outbreak have contributed to the decrease of Iran's non-oil exports.

Meanwhile, he predicted that Iran's non-oil exports will reach $30 billion this year, $10 billion less than the previous year.

Hariri also shared that while Iran's total oil and non-oil exports will reach $35 billion, the country's "foreign exchange expenditures" are "above $50 billion in the best economic situation."

Iran's crude revenue in 2011, before the US and EU oil sanctions were imposed on the nation, was over $110 billion, but it dropped to $62 billion in 2018.

Over the past two years, officials in President Hassan Rouhani's administration have issued contradictory reports on Iran's oil revenues.

The Deputy President and the head of the Plan and Budget Organization (PBO), Mohammad Baqer Nobakht, announced last June that Iran's oil export revenues in 2019 were less than $9 billion.

Simultaneously, Iran's Vice President, Ishaq Jahangiri, claimed that Iran's oil revenues had dropped from $100 billion a year to about $8 billion in 2019.

Three months later, in September, President Rouhani said that the country's oil revenues in 2019 had reached "just over $20 billion."

Iranian officials still refuse to announce the amount of Washington-sanctioned Iranian oil exports. According to the latest reports provided by the international oil tanker tracking firms, Iran's oil exports have reached 400,000 barrels per day.