Iran's Oil Revenues Increased by 90% After JCPOA

The government of Hassan Rouhani states that "Iran's oil revenues have shown a 90% increase compared to before the implementation of the JCPOA." The official website of the government published a report on Sunday, April 22, indicating that if "Iran's daily crude oil exports of 1.7 million barrels at current prices are taken into account," Iran will achieve revenues of about $21 billion this year. The report adds that "while in the most optimistic scenario, considering a one million barrel export before the JCPOA, Iran's oil revenues would have reached about $12 billion." The report continues, "While these calculations are based on a one million barrel daily oil export before the JCPOA, many experts believe that the continuation of sanctions and failure to reach an agreement with the P5+1 group would have certainly brought the country's oil exports to zero by now. This has also recently been emphasized by the President." In 2012, the U.S. imposed sanctions on Iran, under which Iran's oil customers had to significantly reduce their imports from Iran every six months to be exempt from these sanctions. As a result of these sanctions, Iran's crude oil exports fell from 2.2 million barrels to about one million barrels over two years. In the fall of 2013, Iran and six world powers reached a temporary agreement, and the U.S. committed to stopping pressure on Iran's customers to gradually reduce their oil imports. Last winter, Tehran and the six world powers implemented a comprehensive nuclear agreement, and sanctions against Iran were lifted. According to the International Energy Agency's assessment, Iran's oil exports in March reached about 1 million and 550 thousand barrels. The government report also states that Iran's crude oil exports have now reached 1.7 million barrels. Iran also exports 350 to 400 thousand barrels of gas condensates daily, which international statistics do not include in their figures for this type of ultra-light oil. Gas condensates are produced from gas fields. Last week, Iran announced that it had increased its oil and gas condensate exports to 2 million barrels per day. According to the current year's budget, which the Iranian parliament approved on Sunday, the export of 2 million and 250 thousand barrels of crude oil and gas condensates is anticipated. The report adds that before the sanctions, up to 800 thousand barrels of oil were exported from Iran to Europe daily. Europe imposed sanctions on Iranian oil imports from mid-2012, and only a few companies continued limited imports to settle debts with Iran. According to this report, a daily export of 300 to 500 thousand barrels to Europe is planned.