February 3, 2016

Chart of the Day: Iranian Oil Production

   February 3, 2016

Chart of the Day: Iranian Oil Production

Oil exports make up roughly 80% of Iran’s total export earnings and 50% to 60% of its government revenue. As it can be seen from the chart, in 2012 Iran’s exports of crude oil dropped to their lowest level since 1986 as the United States and the European Union tightened sanctions targeting Iran’s oil sector. However, with the sanctions now lifted Iran intends to increase oil production putting further pressure on the already depressed oil prices. Iran should see an economic rebound and also make its Gulf neighbours worried. 

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