EIA: Sanctions reduced Iran's oil exports and revenues in 2012

By OGJ editors

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.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected