HispanicBusiness

Iran's oil revenues during the past Iranian calendar year, 1390, which ended on March 19, 2012, amounted to $110 billion, the Shana News Agency quoted the National Iranian Oil Company managing director Ahmad Qalebani as saying.

The figure was a record high in the history of Iran's oil industry, he added.

Last year, $22.6 billion was invested in the upstream sector of the oil industry, compared to $16.7 billion two years ago, he noted.

MP Gholamreza Mesbahi-Moqaddam, who is the chairman of the Iranian parliament's Economic Committee, has put the current volume of oil sales at around 1.03 million barrels per day, but says that the current target is 2.5 million barrels per day.

On October 29, 2012, Iran's OPEC governor, Mohammad-Ali Khatibi, said that the country's oil exports have remained steady in recent months. "Iran's oil exports are the same as in previous months and the situation is stable," ISNA quoted Khatibi as saying.

At the beginning of 2012, the United States and the European Union imposed new sanctions on Iran's oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

U.S. sanctions entered into force on June 28, while EU bans on Iranian oil imports came into force on July 1.

In October, the EU approved another major package of economic sanctions on Iran.