Iran is losing half of its oil revenues because of international sanctions imposed over its disputed nuclear program, Economy Minister Shamseddin Hosseini said in remarks quoted by media Monday.
Iran
is
losing half of its oil revenues because of international sanctions imposed over
its disputed nuclear program, Economy Minister Shamseddin Hosseini said in
remarks quoted by media Monday.
"
Iran
is
facing a 50% drop in its oil revenues due to sanctions," Hosseini told
state television, Jomhuri Eslami newspaper reported.
Hosseini put down the loss to difficulties in repatriating oil money.
Subject to harsh Western sanctions over its controversial nuclear work,
Iran
is
struggling against what it calls an "economic war" to cope with
punitive measures targeting its vital oil income and access to global financial
systems.
An oil embargo on
Iran
imposed by the European Union came into effect in July, ending European
purchases of Iranian crude and also decreasing
Tehran
's oil
exports to its Asian customers to 30% from 10%.
According to the International Energy Agency, Iranian exports in November were
estimated at 1.3 million barrels a day, down from nearly 2.3 million last year.
Several Iranian lawmakers and government officials have hinted that the drop in
oil revenues will shrink the budget for the next Iranian calendar year,
starting on
March 21, 2013
.
In early September, President Mahmoud Ahmadinejad acknowledged that
Iran
had
"some problems" in selling its oil because of the sanctions.
Iran
insists its program of uranium enrichment is for purely peaceful purposes, and
denies Western and Israeli allegations that it wants to manufacture nuclear
weapons.
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