An official report released by the Iranian government on Wednesday suggests that Iran’s last year oil revenues rose by 11 times higher than that of a year earlier.
The report declined to mention how much the amount of Iran’s oil exports used to be, noting that the oil export figures has been confidential since the previous government.
It also said that Iran’s income from the export of oil and oil products in the first five months of the current Iranian year (March 21 – August 22) have grown eight-fold compared to figures from last year’s corresponding period.
The major increase in oil revenues takes place in spite of tough economic sanctions on the country which have targeted Iran’s oil sector among other parts of the economy to deal a blow to one of the main sources of Iran’s revenues.
The report shows that the Iranian government under President Ebrahim Raisi has been successful in neutralizing the sanctions.
Statistics also show that Iran’s non-oil economic growth reached 4.3% in spring up from 3.1% a year earlier.
Iran reached a landmark nuclear deal with six world powers – namely the United States, Britain, France, Germany, Russia, and China – in 2015 which led to the removal of all the sanctions on the country.
The US administration under President Donald Trump, however, unilaterally withdrew from the multinational accord in 2018. The country re-imposed sanctions on the Iranian economy including its oil industry. It also threatened other countries that they would be punished by Washington if they refuse to follow these unilateral penalties.
Four years after the re-imposition of sanctions, Iran says has found different ways to circumvent them with new customers for its oil.