News ID: 241127
Published: 0307 GMT April 08, 2019

CBI: Oil exports fetched Iran about $66b in year to March 2018

CBI: Oil exports fetched Iran about $66b in year to March 2018

Iran’s oil exports fetched close to $66 billion in revenue during the year to March 2018, announced the Central Back of Iran (CBI).

The CBI said the figure, standing precisely at $65.818 billion, pertained to the overseas sales of crude oil, oil byproducts, natural gas and gas condensates in the same period, according to the IRIB.

During the years to March 2017 and March 2016, the value of Iran’s oil exports amounted to $55.75 billion and $31.84 billion, respectively. Thus, the country’s oil income in the year to March 2018 had been 18.1 percent higher than the figure for the preceding 12-month period.

In addition, Iran’s oil exports revenue in the 12-month time span to March 2018, had been more than 106 percent higher than the country’s oil income in the year to March 2016.

According to the CBI, Iran exported non-oil products valued at $32.32 billion during the 12-month period to March 2018, indicating a 14.5-percent growth compared to the figure for the same period a year ago, which had been $28.22 billion.

The CBI figures show that the country’s non-oil income in the year to March 2016 stood at $31.14 billion.

Thus, Iran’s non-oil exports increased only 3.7 percent during the period between March 2015 and March 2018, which makes the country an economy still mainly dependent on oil revenue.

Between 20 and 30 percent of Iran’s oil income is deposited in the National Development Fund, whereas 14.5 percent of it goes to the account of the National Iranian Oil Company to be spent on oil exploration activities.

 

   
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