Iran's Oil Revenues In March-December Increased By Almost 50% Year-on-Year - Reports

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Iran's Oil Revenues in March-December Increased by Almost 50% Year-on-Year - Reports

Tehran's revenue from oil exports in the first nine months of the current Iranian year which runs from March 21, 2018 to March 20, 2019 have increased by 48.9 percent year-on-year despite the reimposition of US sanctions, local media reported on Monday

MOSCOW (UrduPoint News / Sputnik - 11th February, 2019) Tehran's revenue from oil exports in the first nine months of the current Iranian year which runs from March 21, 2018 to March 20, 2019 have increased by 48.9 percent year-on-year despite the reimposition of US sanctions, local media reported on Monday.

According to the IRNA news agency agency, the main reason for the increase in revenue was the oil price hike in the global markets.

In May 2018 the United States announced its unilateral withdrawal from the Iran nuclear deal and reimposition of sanctions. In August and November, two packages of sanctions came into effect with the aim of forcing Tehran to negotiate a new agreement.

Washington's decision was not supported by other signatories to the deal China, France, Germany, Iran, Russia, the United Kingdom, and the European Union which insisted on Tehran's compliance with the deal.

The US restrictions include measures that curb Iran's oil industry. Only eight nations China, Greece, India, Italy, Japan, South Korea, Taiwan and Turkey received temporarily exemptions from the sanctions on importing oil from Iran.

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