Bijan Zanganeh

Iran’s Minister of Oil has announced that oil exports now stand at one million barrels a day, which is having a dire effect on the country’s economy.

IRNA reports that Bijan Zanganeh told reporters on Tuesday March 4: “The level of oil exports is at one million barrels a day, which in view of their importance to the economy has caused great difficulties in running the country.”

Meanwhile, the government budget for the coming year is based on revenues from the export of 1.3 million barrels a day.

In 2011, Iran’s crude exports stood at around 2.2 million barrels per day, while exports of gas condensates were at 300,000 barrels per day.

International sanctions on Iran have reduced Iran’s ability to sell oil, and according to the latest figures from the International Energy Agency, in 2013 Iran sold an average of one million and 70 thousand barrels per day.