U.S. Energy Information Administration (EIA) in a recent report has put Iran’s oil revenues earned in the first seven months of 2022 at $34 billion, only five billion less than Iran’s total oil revenue in 2021.
Based on the EIA report, Iran's average monthly income from oil sales in January-July has been $4.85 billion, 49 percent more than the average monthly income in the previous year which was $3.25 billion.
Iran's oil revenue in the said seven months is twice the whole income in 2020, indicating that the impacts of the U.S. sanctions against Iran are weakening.
Iran earned $17 billion in oil revenue in 2020 and $39 billion in 2021, and according to EIA, the Islamic Republic’s oil revenue will reach $58 billion in 2022.
EIA has put the total oil income of 13 OPEC members in the mentioned months at $500 billion.
Based on the report, OPEC's income in the first seven months of this year is only $70 billion less than the $570 billion recorded for this organization in the previous year. The members of the organization sold $500 billion of oil in January-July 2022.
Iran has been ramping up its oil production and exports over the past year as the country has been implementing new strategies to overcome U.S. sanctions.