Iran’s crude oil and lease condensate exports last year fell to their lowest level since 1986 as the US and the European Union tightened sanctions targeting Iran’s oil sector, the US Energy Information Administration said.
Iran’s 2012 crude oil and lease condensate exports declined to 1.5 million b/d in 2012 and its net estimated oil export revenue was $69 billion, compared with $95 billion in 2011. Besides, Iran’s crude oil and condensate production dropped by 17% and liquid fuels consumption, including gasoline, diesel, jet fuel, and other products, dropped by 1%.
The US and EU measures prohibited large-scale investment in Iran’s oil and gas sector and cut its access to European and US sources of financial transactions. Sanctions resulted in less investment in Iran’s oil sector. New projects by several foreign companies have been cancelled and existing projects are negatively affected.