Iran’s Oil Revenues Soar by 580% as Crude Prices Rally

“Due to the increase in oil exports and our new budget’s currency conversion rate, we saw a 580% increase in the treasury’s income from the export of oil and condensate in the first four months of this year,” the Iranian finance minister was quoted as saying by local news agency IRNA.

Iran’s 12-month inflation rate hit 40% in July, Iranian statistics showed last week. Prices of goods have soared since the government removed some subsidies earlier this year.

China has been the main outlet for Iranian crude oil exports since the U.S. re-imposed sanctions on the Islamic Republic’s oil industry in 2018 when then-President Donald Trump pulled the United States out of the so-called Iranian nuclear deal, officially known as the Joint Comprehensive Plan of Action (JCPOA).

Iran’s Oil Revenues Soar by 580% as Crude Prices Rally