OPEC countries will earn around $700 billion dollars from oil exports in 2014, a drop of 14 per cent on the previous year – but Iran’s decrease in oil revenue could be even steeper, America’s Energy Information Administration has announced.
The drop in oil earning was due to a fall in OPEC oil exports and lower oil prices, with the 2014 average for Brent crude oil projected to be eight per cent below the average 2013 price, the EIA report said.
It added: “Iran is excluded in this calculation because current sanctions make it difficult to estimate their crude oil export revenues.
“Iran may be taking discounts on the crude oil it exports and may not be receiving all the revenue from those sales because of restrictions on accessing international payment systems.”
The Iranian regime is already trying to plug a massive gap in its budget due to continued drop in oil prices.
For the Iranian regime to end the calendar year without a budget deficit the oil prices need to reach about $125 per barrel, an Iranian economist said last Friday.
“If the government plans to end the year avoiding deficit according to the figures anticipated in the budget, it must be able to sell oil for at least $125 per barrel,” according to an interview published on the Iranian Oil Ministry’s website.
