Iran crude revenues nearly doubled in quarter to December, CBI figures show

Latest economic performance data released by the Central Bank of Iran (CBI) show the country nearly doubled its crude revenues in the quarter to late December.

The figures published on the CBI website on Monday showed that Iran’s crude revenues had reached $14.614 billion in the third quarter of the calendar year beginning March 2020, up from $8.558 billion recorded at the end of the previous quarter.

Non-crude export revenues also surged by 69.3% to a total of $19.597 billion in the quarter to December 20, showed the tables compiled by CBI’s Economic Research and Policies Department.

Iran’s crude revenues began to drop in the second half of 2019 after the United States toughened its sanctions on the country after pulling out of the 2015 international agreement on Tehran’s nuclear activities, known as the JCPOA.

Iran had earned just over $29 billion from oil exports in the calendar year to March 2020, down from over $60 billion in the previous year, according to the figures published on Monday.