Iran earned half of its oil sales under Ahmadinejad, Times says

By Bloomberg Businessweek

Almost half of the oil revenue Iran earned in the past 103 years has been during the presidency of Mahmoud Ahmadinejad, former deputy Oil Minister Akbar Torkan said, according to a report in the Tehran Times.

About 47 percent of the $1.1 trillion in revenue was earned after Ahmadinejad was first elected in 2005, Torkan said in the report. World oil prices more than doubled from 2005, tripling at one point as the fuel increased to a record in 2008.

Iraq overtook Iran in June as the second-largest producer in the Organization of Petroleum Exporting Countries, figures from the group show. Iran pumped 2.75 million barrels of oil a day in August, 350,000 barrels less than in July, according to data compiled by Bloomberg. Output has shrunk amid sanctions imposed by the U.S., European Union and United Nations.


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