Oil production

Iran is reaping the fruits of the nuclear deal. The question remains – will they will use the proceeds for the betterment of their country or for terrorism and weapons development? 

Iranian oil revenue has increased by 90 percent after the removal of the sanctions by the Western countries in January, in wake of the nuclear deal signed last summer, Iran’s IRNA news agency reported.

Before the sanctions were lifted Iran’s annual oil revenues were around $12 billion.

According to government statistical data, Iran is currently exporting 1.7 million barrels of crude a day, which would result in $21 billion a year at the current prices, which are fluctuating wildly.

Before the sanctions were introduced, Iran exported 2.3 million barrels of oil a day. The sanctions reduced the figure to 1 million barrels.

The Houston Chronicle reported that the Islamic Republic’s oil exports have surged by 600,000 barrels a day since December.

Iran is selling three times more oil to India, with exports climbing from 190,000 barrels a day in January to 540,000 barrels a day in March, displacing Iraq’s and Nigeria’s sales to Indian refineries.

After the sanctions were removed shipments of Iranian crude have resumed to Europe, including Greece, France and Spain. Before the sanctions, 30 percent of Iranian-made oil was delivered to Europe. Currently, Iran ships over 500,000 barrels of crude a day to the European market, Russia’s Sputnik News reported Tuesday.

Iran also expects to take a share in the Asian market, especially in India, Asia’s fastest-growing oil consuming market.

By: United with Israel Staff