Sanctions hit Iranian oil exports - IEA

Sanctions on Iran caused the Islamic Republic’s oil revenue [2] to drop by $40 billion in 2012, according to The International Energy Agency  [3].

In its monthly oil report [4], the IEA said that output from the country have dropped to 2.65 million barrels per day in January, down from a high of 3.7 mpd before western sanctions were imposed.

The newly released figures come as the International Atomic Energy Agency arrives in Tehran for a fresh round of talks. 

"Iranian crude oil production continued to edge lower in January and may fall further in coming months following implementation on February 6 of additional sanctions by the US, the agency said in its month report, according to AFP.

Western countries have put economic sanctions on Tehran [5] over its alleged nuclear programme, which the West believe is being used to create a nuclear weapon. Iran denies this, saying it is purely for peaceful purposes.

[6] © 2013 Al Bawaba (Albawaba.com)