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Iran oil profits drop over 50 percent

According to a new Instagram post of the president of the Iranian Central Bank, Iran’s total oil profits has dropped by more than 50 percent in the past two years because of U.S. restrictions.

Abdolnaser Hemmati explained the restrictions after the U.S. departure from the 2015 nuclear accord in May 2018 as an “unprecedented maximum pressure campaign” that covered every section of Iran’s economy.

Oil profits, which were over USD40 billion in 2018, have declined to less than USD20 billion in 2019 and 2020 and the Central Bank’s access to these profits has been very limited, Hemmati stated.

Since early 2018, the Iranian rial has lost its price eight-fold and inflation in the country has augmented by at least 40 percent.
Source: MENA FN

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