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Iran Has lost $10 Billion in Oil Revenue in the Last Five Months
Brian Hook, the head of Iran Action Group at the U.S state department reported that due to the U.S oil sanctions on Iran, the Islamic Republic has lost $10 billion of its oil revenue in the past five months alone.
According to Reuters, on Wednesday, March 13, Brian Hook said in an energy summit in Texas that since November when the new U.S oil sanctions were imposed Iran’s average daily oil export has been reduced by 1.5 million barrels.
Iran is currently exporting about 1 million and 250 thousand barrels a day.
U.S has issued waivers for Iran’s main customers for six months to reduce their oil import from Iran. The waivers will expire in May. Previously, the special state department representative had announced that the exemptions will not be extended.
Due to increase oil export by the United States and the continued low growth rate of world’s economy, the price of oil has remained somewhat unaffected by the sanctions on Iran’s oil. However, in recent weeks, due to the crisis in Venezuela, the price of oil has seen some increase.
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