Iran oil revenues cut to $24b

TEHRAN June 10(Shana)–The spokesman for the Iranian government has said that the country’s revenue from selling oil has sharply fallen to $24 billion.

“[Iran’s] $118-billion revenue from selling oil has fallen to $24 billion,” Mohammad-Baqer Nobakht said.

He added that “we should run the country” with this amount of petrodollars “while many half-complete projects” have been abandoned.

“The country’s petrodollars have declined, but we will run the country even with this revenue,” he said.
Nobakht said Iran’s economic growth has reached 3%, adding that the economy had shrunk under the government of former president Mahmoud Ahmadinejad.

International sanctions, which were imposed on Iran’s oil sector in 2012, and a record fall in oil prices have eaten away at Iran’s oil revenues in recent years.