CBI: Oil, Gas Revenues at $68.6b

CBI: Oil, Gas Revenues at $68.6b

A total of $33.6 billion was generated through the sale of crude oil, natural gas, and gas condensate in the first half of the current year (March-August 2014), Tasnim news agency reported Wednesday citing official statistics from the Central Bank of Iran.
The figure stood at $34.4 billion in the second half of the previous Iranian calendar year (August 2013-March 2014), totaling the revenues generated thereof at $68.6 billion in one year.
Global oil prices have tumbled almost 60 percent since June, hitting near six-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending.
Brent crude fell from $115.71 a barrel on June 19 to a low of $48.79 on Wednesday. Iranian crude is reportedly around $50 per barrel.  
The drastic decline in oil prices has caused significant oil revenue losses over the past months for oil exporting countries, compelling them to revise their budget plans. Iran's oil revenue was reduced from $5.5 billion per month to $4.5 billion in the first half of the current year, according to Tasnim report.
Taking into account the oil price fluctuations during the past months, Tasnim's estimates indicate that the government has earned $15 billion in the past four months from crude exports.   


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