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Tehran: Iran earned $70 billion from oil exports in the 12 months to March, which is the end of the Iranian year, while the country's crude production hit a new record since the revolution, the Iranian oil minister said.
Gholamhossein Nozari told state television that oil production hit 4.21 million barrels per day (bpd), slightly above the 4.203 million bpd announced on Monday. The minister said about 2.5 million bpd was exported.
Prior to the 1979 revolution and the 1980-88 war with neighbouring Iraq, Iran produced roughly six million bpd, according to officials. It plunged after that but has been rising slowly in recent years.
Industry experts say the country, now the world's fourth biggest oil producer, needs a big injection of foreign capital and expertise to help push output up substantially.
Windfall
However, it is already enjoying a revenue windfall from record oil prices, which have soared above $110 a barrel for crude on the international market. Iranian crude typically sells for several dollars below some benchmark crudes.
"Iran's income from the export of crude oil in the current Iranian year has been around $70 billion," the minister said on the last day of the Iranian year. Iran had previously said it expected to earn that amount. He said oil production had risen to a new record of 4.21 million bpd "in the face of those countries which wanted to see Iran's oil production drop."
The United Nations Security Council has imposed sanctions on Iran for Tehran's failure to heed a demand to rein in its nuclear work, which the West says is aimed at building bombs despite denials by Iranian officials.
The US government, leading a drive to isolate Iran, has also imposed several sets of sanctions in past months, adding to other long standing trade restrictions. Washington has not had diplomatic ties with Tehran for almost three decades.
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