An Official from the Management Organization: Iran's Oil Revenue This Year is $24 Billion

Alireza Saleh, Deputy for Parliamentary Affairs, Provinces, and Support of the Management and Planning Organization of Iran, announced that the country's oil revenue this year is $24 billion. According to a report on June 7 by the Iranian Labor News Agency, ILNA, Mr. Saleh stated that this year's oil revenue is $24 billion, which is nearly half of last year's. Iran's oil revenues have significantly decreased despite a slight increase in the country's oil exports due to nuclear agreements, as oil prices have sharply declined since last summer. Last June, the price of the OPEC oil basket was around $108, but according to the latest report from the official website of this organization, the price of OPEC oil on June 6 was slightly above $60. The price of this organization's oil basket, of which Iran is a member, had even fallen to nearly $40 last winter. Before Western sanctions, Iran's oil exports were 2.5 million barrels per day, and according to the annual OPEC report, Iran's oil revenues in 2011 were about $115 billion, but this figure dropped to about $61 billion in 2013 when Iran's oil exports fell to around one million barrels per day. Statistics from the Central Bank of Iran also indicate that Iran's oil revenues in 2011 were over $118 billion, which fell to $68 billion the following year and to $65 billion in 2013. No report has yet been published regarding Iran's oil export revenues last year, but the drop in oil prices in the second half of 2014 and current prices indicate that both Iran's oil revenues last year decreased and are expected to face further reductions this year. In response to a question from an ILNA reporter about the government's measures to compensate for this shortfall, Mr. Saleh said, 'We are mainly looking to create sustainable income-generating avenues. Most of these activities will revolve around tourism and economic activities.' According to the government's forecast for this year, tourism revenue in the country is expected to reach $8 billion. Masoud Soltanifar, head of Iran's Cultural Heritage, Handicrafts, and Tourism Organization, also stated on May 16 that by 2025, revenue from the tourism industry in Iran will be equivalent to the country's oil budget. According to Fars News Agency, Soltanifar said, 'We can easily host 20 million tourists with $30 billion in revenue.'